So I was reading a reddit post that was recommending A Knight of the Seven Kingdoms and it mentioned that becoming a knight was difficult even if you were strong and capable because all the gear involved was so expensive. There have also been mentions of middle-aged squires because they couldn't afford to be a knight. I was thinking of an overhaul of the knight system if someone had time. Or if I had time but I would also have to learn to code mods so I might as well share the idea while everyone is looking at the new artifact system anyway.
So for tourneys, to joust in the tourney you would need to have certain knightly artifacts. A horse (could be a trait or an artifact), a sword/axe/mace, a lance, and armor. The horse could come in several varieties like weapons do in vanilla and some are better for commanding armies and some are better for tourneys. Maybe even things like a Zorse which would have a prestige bonus for having the exotic animal but they are terrible at commanding armies as well as jousting because they are not actually horses. If horses were artifacts they might need a maintenance event that checks and offs any horse older than 10 or however long horses were good for jousting with.
The armor could have different grades and could help prevent mauling/death, leading to only being wounded. A cruel/ruthless character could commission a lance that is designed to wound their opponent. All non-valyrian steel items could have a chance to break/horses could die in a joust instead of the rider as well. If you refuse to pay the higher than usual price to replace it during the tournament, your run there is over and you can't enter one again until you get a replacement.
The fancier stuff could also grant a prestige bonus in the tournament/passively if it was gilded or engraved or something like that. The horses could even have gilded armor too if you wanted lots of prestige and had lots of gold like the Lannisters. IIRC Jaime was said to have used a golden wood lance(a rare import from the summer isles), which is like taking a gold-plated car to enter in the demolition derby.
The knight trait could be changed to "knighted" which wouldn't need to be checked to compete in tourneys because of the gear requirements, allowing old gods characters to try their hands at jousting if they can afford the gear. Sandor Clegane didn't have a knighthood but still jousted for example.
Since being a tourney knight requires gear, when given the chance to knight your previous squire you could also be asked if you want to pay for their gear. If it is another Lord's child you could select to let their parent pay for it or send it as a gift and get an opinion bonus from both kid and parents with a chance to become friends with your newly knighted former ward.
This last part would be more for immersion and might not fit with the rest in the base mod: If a squire doesn't have, say 25 gold for the bare basics and their knight refuses to pay for them, they might refuse the knighting based on not being able to afford being a knight. The low price of 25 would give them items that fill the requirements but give no other bonuses. This does mean that wealthier knights would have an advantage over the poorer ones of equal skill, but that was probably going to happen anyway.
To go with the above paragraph: A "knighted" courtier with no gear could have a prestige malus and might even get an event to attempt to "hide" the knighthood to counter it. A "squire" character could continue to be offered knighthoods but refuse until they have the money since no one would offer some random courtier a line of credit to buy the proper equipment. Once a character gets past 40, they get the "was knighted" trait which doesn't have a malus if they don't have the gear because they're getting too old to be expected to joust often anyway. They still could since it would check for artifacts and not the one trait but would not be expected to. This would work best if refusing to enter a joust when knighted and young would give a prestige hit. The entire knight system is just a vessel for prestige anyway. Also random deaths and maulings.
TLDR: Overhaul idea for Knights and Tournaments using the new artifact system. Not fluent in mod coding and don't know if it is possible currently. Probably more trouble than it's worth but I thought it was a cool idea.