Hold a New Tournament
Reason: celebrating a recent event
Events: magical duels, throwing (javelins, etc), martial arts, jousting and team fighting
Length: five days
Awards: first place winner(s)
Top Prizes: contest-related (eg, horses for jousting)
Crowd: most interested in certain event(s)
Betting: unofficial - tolerated
Other Entertainment: magic shows, parades and professional hecklers
Competitors of interest:
The arrogant knight who has an ulterior motive for competing.
The musclebound brute who has good odds to win.
The wandering fighter who came from nowhere.
The jaded warrior who knows quite a few unorthodox tricks.
The odd foreigner who is rumored to not always fight fair.
The proud youth who is relatively well-known.
The hulking barbarian who practices an usual style.