Humm Good Question Mark!
Your Question is how to make a featured post appear in your theme, it should have came with instructions and or support. how ever here is what I have found.
1. Install a WordPress plugin called: Breadcrumb NavXt
2. Activate the plugin
3. Go to the plugin Settings for Breadcrumb NavXt
Where it says ’ Post and Pages ‘ you will see ‘ post taxonomy ‘ click on Tags and then Save.
Now every time you make a post and have the Tag featured in the tag box it will show up in the featured post section, same as if you add ‘ pictures ‘ for pictures…
Please visit : support for the theme if you have any other questions http://www.wikmag.com/deadline-magazine-wordpress-theme-by-themeforest.html