Tore off, getting ready for prize (7)
I believe the answer is:
rosette
'prize' is the definition.
(I've seen this before)
'tore off getting ready' is the wordplay.
'off' indicates anagramming the letters.
'getting' is an insertion indicator.
'ready' becomes 'set' (set can mean ready or prepared).
'tore' anagrammed gives 'rote'.
'rote' going around 'set' is 'ROSETTE'.
'for' acts as a link.
(Other definitions for rosette that I've seen before include "Prize; favour" , "Badge of office or honour" , "Horse show award" , "Colourful decoration worn by supporters" , "sign of a champion?" .)