Wrong call, periodically retracted, is rubbish (5)
I believe the answer is:
offal
'is rubbish' is the definition.
(I've seen this in another clue)
'wrong call periodically retracted' is the wordplay.
'wrong' becomes 'off' (I've seen this in another clue).
'periodically retracted' means one should take alternating letters (letters retracted at regular intervals).
The alternate letters of 'call' are 'al'.
'off'+'al'='OFFAL'
(Other definitions for offal that I've seen before include "Tripe, sweetbreads" , "Waste matter" , "Bits of waste meat" , "Edible (or inedible!) animal organs" , "Edible organs from a butchered animal" .)