Still up holding extremely dog-eared and bald articulated toy (5,4)
I believe the answer is:
'toy' is the definition.
(teddy bear is a type of toy)
I cannot understand how the rest of the clue works.
Can you help me to learn more?
(Other definitions for teddy bear that I've seen before include "Child's toy, musically in picnic" , "Fetishistic toy" , "Soft toy" , "Maybe Winnie" , "Stuffed toy" .)