Hold a New Tournament
Reason: sponsored by an organization
Events: races and archery
Style: round robin / points-based
Length: two weeks
Awards: first, second and third place
Top Prizes: largely symbolic (trophies, etc)
Crowd: mostly locals
Betting: official - fair odds
Other Entertainment: parades and trained animals
Competitors of interest:
The proud youth who has little practical skill.
The local favourite who knows quite a few unorthodox tricks.
The odd foreigner who has good odds to win.
The menacing sorceror who is a long shot to win.