Hold a New Tournament
Reason: held bi-annually
Events: melee fighting, martial arts, archery and races
Length: one day
Awards: first place winner(s)
Top Prizes: largely symbolic (trophies, etc)
Crowd: has an influence on the judges
Betting: official and unofficial
Other Entertainment: professional hecklers, trained animals, acrobats and jugglers and staged exhibitions
Competitors of interest:
The nondescript mercenary who has already made a few enemies.
The determined youth who knows quite a few unorthodox tricks.
The disgraced noble who practices an usual style.
The precocious commoner who is a long shot to win.
The cheerful fighter who is highly talented.