Hold a New Tournament
Reason: held annually
Events: throwing (javelins, etc), jousting, martial arts, fencing and archery
Style: round robin / points-based
Length: over a week
Awards: first place winner(s)
Top Prizes: unusual artifacts
Crowd: mostly intoxicated
Betting: official - fair odds
Other Entertainment: musical contest(s) and acrobats and jugglers
Competitors of interest:
The showy mage who is very good.
The cheerful fighter who has already made a few enemies.
The tricky rogue who is highly talented.
The arrogant knight who desperately needs the prize.