The cup match is an even contest
I believe the answer is:
tie
This clue is a double definition.
'the cup match' is the first definition.
'an even contest' is the second definition.
(I've seen this in another clue)
'is' acts as a link.
(Other definitions for tie that I've seen before include "It's worn under the collar" , "Knot; link" , "Finish level" , "hamper" , "Fasten the neckwear" .)