University paper essentially taken out and revised (7)
I believe the answer is:
updated
'revised' is the definition.
(I've seen this before)
'university paper essentially taken out' is the wordplay.
'university' becomes 'u'.
'essentially' says to take the centre.
'taken out' becomes 'dated' (I've seen this in other clues).
The centre of 'paper' is 'p'.
'u'+'p'+'dated'='UPDATED'
'and' acts as a link.
(Other definitions for updated that I've seen before include "Brought to current level of completeness" , "Made something more modern" , "Modernised" , "Brought to current status" , "Dude apt to be made current" .)