Hold a New Tournament
Reason: held annually
Events: throwing (javelins, etc), melee fighting, races and fencing
Length: one day
Awards: first place winner(s)
Top Prizes: contest-related (eg, horses for jousting)
Betting: official - rigged odds
Other Entertainment: local bards and a storytelling contest
Competitors of interest:
The hulking barbarian who has little practical skill.
The mysterious stranger who is all talk.
The nondescript mercenary who proves to be highly honoroble.