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I cannot speak for everyone, but here are my thoughts.
First, there is no need for a Fourth Peerage. There is already a natural home for peerages other than rattan combat or service; the Laurel. In Calontir at least, archery and equestrian have been recognized with Laurels and if ever Cut and Thrust becomes worthy of such recognition, that is where IMO it should be.
Second, if we were to have a Fourth Peerage, it should include all non-rattan martial activities. Elevating rapier above archery and equestrian is a slap in the face of those folks, and I am ashamed and disgusted it has gotten this far just on that basis alone.
Non nobis solum