Hold a New Tournament
Reason: held seasonally
Events: fencing, throwing (javelins, etc), archery and magical duels
Length: one week
Awards: first and second place
Top Prizes: good equipment (armor, etc)
Crowd: most interested in certain event(s)
Betting: official and unofficial
Other Entertainment: staged exhibitions, parades, magic shows and local bards
Competitors of interest:
The determined youth who is relatively well-known.
The disgraced noble who is suspected of cheating.
The cheerful fighter who is a long shot to win.
The arrogant knight who is rumored to not always fight fair.
The gangly youth who has already made a few enemies.
The flirtatious bard who has quite a few fans.