Wasting an award (7)
I believe the answer is:
atrophy
'wasting' is the definition.
(synonyms)
'an award' is the wordplay.
'an' becomes 'a'.
'award' becomes 'trophy' (trophy is a kind of award).
'a'+'trophy'='ATROPHY'
(Other definitions for atrophy that I've seen before include "Become weak and die away through lack of use" , "shrivel" , "Degeneration" , "Decay" , "Become weak and thin through lack of use or nourishment" .)