Hold a New Tournament
Reason: held annually
Events: races and throwing (javelins, etc)
Style: double-elimination
Length: several days
Awards: first, second and third place
Top Prizes: contest-related (eg, horses for jousting)
Crowd: very large
Betting: official - rigged odds
Other Entertainment: staged exhibitions, professional hecklers and trained animals
Competitors of interest:
The hulking barbarian who may not be in it to win.
The wandering fighter who is suspected of cheating.
The nondescript mercenary who has good odds to win.
The showy mage who has little practical skill.
The charismatic warrior who proves to be highly honoroble.