Hold a New Tournament
Reason: festival
Events: jousting, melee fighting, races, archery and fencing
Style: double-elimination
Length: two days
Awards: first and second place
Top Prizes: bragging rights and minor gifts
Crowd: rowdy
Betting: none
Other Entertainment: parades, staged exhibitions and hired bards
Competitors of interest:
The showy mage who is rumored to not always fight fair.
The proud youth who is suspected of cheating.
The disgraced noble who has more wit than skill.
The charismatic warrior who has little practical skill.