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Former
student
crowned
by
those
people
–
wise
guys
(3,3)
Former student crowned by those people – wise guys (3,3)
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The definition is at the end of the clue.
How the clue works
Wise guys is your definition — think gangsters. "Those people" gives you THEM, and "former student" gives OB (Old Boy); THEM "crowned by" OB means OB sits inside THEM, splitting it as THE-M with OB slotted in to give THE + M + OB.