Based on the excerpt, the conclusion which can readers draw about the knights is that they were celebrating the festival "euphorically."
Euphorically means in an extremely happy and excited way. It is an amplified sense of enjoyment that may have variety of various causes. It is an experience of enjoyment or excitement and intense feelings of well-being and happiness, bound natural rewards and social activities, like aerobics, laughter, celebrations, etc.
The excerpt from Sir Gawain and the Green Knight, the old man who is a carpenter is characterized as a sage counselor is rebuking the youth and all of them are enjoying to the fullest.
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It will most likely be on record and can inspire new hypotheses.
Or the Third Option
Ok I’m going to work on this it might take me awhile so bare with me
