State of turmoil may see king wearing fancy panties (5-3)

I believe the answer is:

snake-pit

'state of turmoil' is the definition.
(snake-pit can mean a disordered place)

'king wearing fancy panties' is the wordplay.
'king' becomes 'K' (abbreviation for king in chess).
'wearing' indicates putting letters inside.
'fancy' is an anagram indicator.
'panties' anagrammed gives 'snaepit'.
'k' inserted within 'snaepit' is 'SNAKE-PIT'.

'may see' acts as a link.

(Another definition for snake-pit that I've seen is " Neat skip (anag) - place of ruthless competition".)

I've seen this clue in The Telegraph.

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