Hold a New Tournament
Reason: held seasonally
Events: jousting and races
Style: double-elimination
Length: two weeks
Awards: first and second place
Top Prizes: largely symbolic (trophies, etc)
Crowd: very large
Betting: unofficial - rigged odds
Other Entertainment: local bards, staged exhibitions, musical contest(s) and a storytelling contest
Competitors of interest:
The jaded warrior who has an ulterior motive for competing.
The foreign noble who is rumored to not always fight fair.
The cheerful fighter who desperately needs the prize.
The hulking barbarian who may not be in it to win.
The showy mage who has many rivals.
The mysterious stranger who knows quite a few unorthodox tricks.
The nondescript mercenary who proves to be highly honoroble.