Hold a New Tournament
Reason: held bi-annually
Events: jousting and team fighting
Style: double-elimination
Length: about a week
Awards: first, second and third place
Top Prizes: good equipment (armor, etc)
Crowd: cheers for specific competitors
Betting: official - fair odds
Other Entertainment: trained animals, staged exhibitions and professional hecklers
Competitors of interest:
The menacing sorceror who has good odds to win.
The nondescript mercenary who is all talk.
The devoted cleric who has many rivals.
The jaded warrior who knows quite a few unorthodox tricks.
The foreign noble who is surprisingly agile.
The local favourite who practices an usual style.
The hulking barbarian who has already made a few enemies.