Hold a New Tournament
Reason: sponsored by an organization
Events: throwing (javelins, etc) and races
Length: five days
Awards: first place and an honorable mention
Top Prizes: expensive equipment (plate mail, etc)
Crowd: most interested in certain event(s)
Betting: unofficial - almost encouraged
Other Entertainment: magic shows, professional hecklers and parades
Competitors of interest:
The disgraced noble who is all talk.
The gangly youth who knows quite a few unorthodox tricks.
The nondescript mercenary who is relatively well-known.
The devoted cleric who is a long shot to win.
The musclebound brute who desperately needs the prize.
The foreign noble who is rumored to not always fight fair.
The showy mage who is surprisingly agile.