Hold a New Tournament
Reason: religious holiday
Events: fencing and jousting
Style: round robin / points-based
Length: several days
Awards: first, second and third place
Top Prizes: enchanted equipment
Crowd: most interested in certain event(s)
Betting: unofficial - discouraged
Other Entertainment: magic shows, local bards and acrobats and jugglers
Competitors of interest:
The musclebound brute who is frighteningly fast.
The charismatic warrior who is rumored to not always fight fair.
The determined youth who has good odds to win.
The jaded warrior who is a long shot to win.
The local favourite who proves to be highly honoroble.
The foreign savage who desperately needs the prize.