Hold a New Tournament
Reason: held bi-annually
Events: magical duels, races, melee fighting, throwing (javelins, etc) and archery
Length: several days
Awards: first place winner(s)
Top Prizes: moderate sums of money
Crowd: very large
Betting: official and unofficial
Other Entertainment: professional hecklers and staged exhibitions
Competitors of interest:
The wandering fighter who is rumored to not always fight fair.
The disgraced noble who desperately needs the prize.
The gangly youth who has already made a few enemies.