Hold a New Tournament
Reason: held bi-annually
Events: throwing (javelins, etc) and martial arts
Length: one day
Awards: first and second place
Top Prizes: good equipment (armor, etc)
Crowd: most interested in certain event(s)
Betting: unofficial - rigged odds
Other Entertainment: a storytelling contest and local bards
Competitors of interest:
The musclebound brute who is rumored to not always fight fair.
The precocious commoner who will do anything to win.
The devoted cleric who has more wit than skill.
The nondescript mercenary who has already made a few enemies.