Star taking chance after collapse of seat (8)
I believe the answer is:
asterisk
'star' is the definition.
('asterisk' can be a synonym of 'star')
'chance after collapse of seat' is the wordplay.
'chance' becomes 'risk' ('risk' can be a synonym of 'chance'**).
'after' says to put letters next to each other.
'collapse of' indicates anagramming the letters.
'seat' anagrammed gives 'aste'.
'risk' after 'aste' is 'ASTERISK'.
'taking' acts as a link.
(Other definitions for asterisk that I've seen before include "Footnote marker" , "Star-shaped character used in printing" , "Star of typography" , "Star for the printer" , "Character drawing attention to footnote" .)