Hold a New Tournament
Reason: celebrating a recent event
Events: archery, magical duels and melee fighting
Style: round robin / points-based
Length: several days
Awards: first and second place
Top Prizes: largely symbolic (trophies, etc)
Crowd: most interested in certain event(s)
Betting: official - fair odds
Other Entertainment: trained animals, local bards, hired bards and staged exhibitions
Competitors of interest:
The tricky rogue who has already made a few enemies.
The foreign noble who has good odds to win.
The nondescript mercenary who came from nowhere.
The precocious commoner who proves to be highly honoroble.
The foreign savage who practices an usual style.
The mysterious stranger who is rumored to not always fight fair.
The showy mage who has quite a few fans.