The story is great and only warhorse can really do anything with this as they are the ones in control,however we could give ideas like the following when it comes to new content.
Medieval times all around the world was about honour for example japan Europe now in Europe we would lay down arms and wars would come to a standstill for the joust only nobles could take part in the joust knights where noblemen so to fit this into our game it would have to come after the story of Henry finding out who his farther really is.
then we have the king and his brother who could also come into play via a jousting tournament
with this it would open the door to a lot more content and a lot more story line content .
the could be plots and schemes added there could be love story’s and sad times and happy times like for example one knight could be involved in a love story and Henry helped him and he ends up getting killed in the tournament.
Now Henry on the other hand he is still seeking revenge but due to honour and sir hemmish drums it in to lord capons head and Henry’s head that the joust is honourable and they must not forget it.
If the joust is only done via a modder it will spoil the game because of the story .
so i hope warhorse will consider this.
look at the many films even oldies like Ivanhoe (1952 film ) this will give you the idea of what jousting was all about. a maiden would choose her champion to fight for her in the joust this would certainly be something that could create a side quest .
this content would definitely be worth doing because of the many things that can come from it .
it will give us more game play that would give the game that extra lifespan and create more revenue for warhorse .
So to sum it all up it would give us plenty more side quests more story line and great game play with the joust alone.