Hold a New Tournament
Reason: sponsored by an individual
Events: throwing (javelins, etc), martial arts, fencing and jousting
Style: round robin / points-based
Length: two days
Awards: first and second place
Top Prizes: enchanted equipment
Crowd: has an influence on the judges
Betting: unofficial - discouraged
Other Entertainment: hired bards, acrobats and jugglers and a storytelling contest
Competitors of interest:
The local favourite who has quite a few fans.
The proud youth who desperately needs the prize.
The hulking barbarian who is surprisingly agile.