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a simple one on one, player verses player duel to the death.
you can challenge another knight to a duel where in you fight with all your current equipment.
and you place your bets, for example you both put in 2000 crowns, and the winner takes all.
a simple death-match with no rules and the only goal is to humiliate your opponent by killing him or her.
would be a fun creative way to get to know other knights and learn about your strengths and/or weaknesses.
and perhaps you could have other knights bet on who they think will win.
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I say that there should be few options on how much you risk to loose like:
1k
2k
5k
10k
(random amounts)
Both players have to put same amount and agree to that. After that the winner takes all but for example 10% fee goes to King Krogmo.