Tease the fellow about being an object of terror (6)

I believe the answer is:

dragon

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'terror' is the definition.
(thesaurus)

'tease the fellow about' is the wordplay.
'tease' becomes 'rag' (synonyms).
'the fellow' becomes 'don' (both can mean an academic).
'about' means one lot of letters goes inside another.
'rag' put into 'don' is 'DRAGON'.

'being an object of' acts as a link.
This may not be correct. Some or all of it may belong to another bit of the clue.

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(Other definitions for dragon that I've seen before include "dangerous creature?" , "Fire-breathing creature of myth" , "Reptilian monster" , "Mythological creature is no grad" , "St George is said to have killed one" .)

I've seen this clue in the Evening Standard.

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