I think that maybe every month the student that completes the most quests in each school should get a reward of some odd amount of gold or something. This helps younger wizards the most because they have more quests and get less gold for them. P.S. I am not just helping myself because I am a grandmaster and barely have any quests left as well
First off that would change the wizard101 enconamy or how ever you spell it. The wizards are able to win clothes or buy them. bUT 5 coisn for a quest is fine because if they were given 285 coins they could buy a whole outfit in wizard city.
The idea of a school cup is intresting though. Don't base it off the existing quests, set school specfic objectives. If your between levels 1-12 you try to do X, 13-23 Y ... Etc.
I'd say have it be a killed something X number of times. Each time you achieve the quest there is a new one, so over the course of a month, or more likely a week, the wizards can be tracked at how far they come to completing the quests, farthest one along gets some bragging rights and some prize. Give people something to do.