Hold a New Tournament
Events: races and jousting
Length: one day
Awards: first place and an honorable mention
Top Prizes: contest-related (eg, horses for jousting)
Crowd: mostly intoxicated
Betting: unofficial - almost encouraged
Other Entertainment: hired bards, magic shows, local bards and acrobats and jugglers
Competitors of interest:
The foreign noble who has more wit than skill.
The musclebound brute who is very good.
The local favourite who is surprisingly agile.
The wandering fighter who has already made a few enemies.
The nondescript mercenary who has good odds to win.