Hold a New Tournament
Reason: celebrating a recent event
Events: magical duels, archery, martial arts, jousting and team fighting
Style: elimination
Length: two days
Awards: first, second and third place
Top Prizes: large sums of money
Crowd: rowdy
Betting: official - rigged odds
Other Entertainment: trained animals and magic shows
Competitors of interest:
The precocious commoner who is rumored to not always fight fair.
The showy mage who is fiercly competetive.
The proud youth who is highly talented.