Scrap a finale in Wagner like The Ring (7)
I believe the answer is:
annular
'like the ring' is the definition.
(annular means ring-shaped)
'scrap a finale in wagner' is the wordplay.
'scrap' becomes 'annul' (I've seen this before).
'finale in' says to take the final letters (the final letter).
The final letter of 'wagner' is 'r'.
'annul'+'a'+'r'='ANNULAR'
(Other definitions for annular that I've seen before include "Ringlike; type of eclipse" , "Forming a ring" , "in a band" , "Circular" , "Shaped like a ring" .)