What does the cryptic crossword clue "Roman historian discounting first class colleges (3,6)" mean?

This cryptic clue uses wordplay to arrive at the answer. Visit the page for progressive hints — definition, wordplay type, and a full step-by-step explanation.

Roman historian discounting first class colleges (3,6)

Times Cryptic #28852 | 16 Down | 2024-02-29

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I haven't cracked this one yet — but the brilliant team at Times for the Times have:

LIVY(Roman historian) minus the first letter, then LEAGUE(class)

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