Player Tournaments

This is my first post and I haven't been playing Illyriad long but I've been an avid gamer for over 20 years (can you say Rogue and Sword of Aragon) and really enjoy this game.  I was reading their company bio where they discuss player driven play vs. game driven play and had an idea - player buildings to host tournaments.  These would be huge resource expensive sovereignty buildings which a player could then 'advertise' a tournament or where tournaments were always active.  Different levels of the building would allow different tournaments such as sword fights, archery, horse racing and jousting.  The contestents would send their commanders with a sign up 'fee' and which contest they wished to participate in and the game would either best match players and/or provide straw men players for the contest.  The results could be generated similar to how battle outcomes already are.  The winners would recieve some award and prize such as prestige and money and the bulk of the fees would go to the host.  It would be very similar to sending an army to a location to 'attack' but instead you would send a commander to a location to 'joust' with appropriate fees.  Minor experience could be gained for both winners and losers to help level idle commanders.  It would also be an easy way for guilds and individual players to settle differences without a war but huge 'fees', prestige and even townships/land could be wagered.