Hold a New Tournament
Reason: celebrating a recent event
Events: throwing (javelins, etc), archery, melee fighting and team fighting
Style: double-elimination
Length: one week
Awards: first place winner(s)
Top Prizes: unusual artifacts
Crowd: rowdy
Betting: official - fair odds
Other Entertainment: a storytelling contest and parades
Competitors of interest:
The arrogant knight who is a long shot to win.
The cheerful fighter who is relatively well-known.
The jaded warrior who has more wit than skill.
The local favourite who is suspected of cheating.
The hulking barbarian who may not be in it to win.
The menacing sorceror who is fiercly competetive.