Team's one short after dead rubber (5)
I believe the answer is:
latex
'rubber' is the definition.
(I have seen 'Liquid rubber ' mean 'latex' so perhaps 'rubber' could also mean 'latex')
'team's one short after dead' is the wordplay.
'team' becomes 'xv'.
'one short' means to remove the last letter.
'after' is a charade indicator (letters next to each other).
'dead' becomes 'late' ('late' can be similar in meaning to 'dead').
'xv' with its last letter removed is 'x'.
'x' after 'late' is 'LATEX'.
(Other definitions for latex that I've seen before include "Milky fluid produced by plants" , "Milky sap of rubber tree" , "Exalt (anag)" , "Whitish milky fluid" , "Rubbery juice" .)