Hold a New Tournament
Reason: held bi-annually
Events: races, magical duels and martial arts
Style: round robin / points-based
Length: over a week
Awards: first place winner(s)
Top Prizes: enchanted equipment
Crowd: fairly small
Betting: official - fair odds
Other Entertainment: parades, professional hecklers and trained animals
Competitors of interest:
The odd foreigner who practices an usual style.
The foreign noble who will do anything to win.
The showy mage who is suspected of cheating.
The disgraced noble who has little practical skill.
The devoted cleric who came from nowhere.