Hold a New Tournament
Reason: held seasonally
Events: team fighting, races, jousting and martial arts
Length: several days
Awards: first, second and third place
Top Prizes: largely symbolic (trophies, etc)
Crowd: locals and foreigners
Betting: official - fair odds
Other Entertainment: a storytelling contest, parades and professional hecklers
Competitors of interest:
The charismatic warrior who has an ulterior motive for competing.
The foreign noble who is all talk.
The gangly youth who has many rivals.
The cheerful fighter who has quite a few fans.
The tricky rogue who has already made a few enemies.
The proud youth who knows quite a few unorthodox tricks.