I wonder if it wouldn't be fine to have an event like a spawning dragon? I suggest it to be a very rare event, that has much effect on the trade income and happiness of the province in which the dragon spawns.
Technically it should be possible and work in the same way like the heretics in normal Medieval 2, so that you have to recruit an dragonslayer agent or something like this to get rid of the beast. When the dragonslayer is successfull, the faction leader could get an ancillary like "dragonslayer" (same way as it was with master assassin in Medieval 2). This ancillary should be quite useful due to its effects.
So this is just an idea that came to my mind.





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