Hold a New Tournament
Reason: held annually
Events: fencing, team fighting, magical duels and races
Length: nearly a week
Awards: first place winner(s)
Top Prizes: small sums of money
Betting: unofficial - almost encouraged
Other Entertainment: hired bards and musical contest(s)
Competitors of interest:
The disgraced noble who is rumored to not always fight fair.
The foreign noble who is a long shot to win.
The arrogant knight who came from nowhere.
The nondescript mercenary who has already made a few enemies.