Learn the rules of this competition: basically, chase after the golden-feathered Loftwing and grab the Bird Statuette it is towing along.
This task is easier than you think, mainly since no one else really will grab it. After trying for the Statuette once, you’ll get eggs thrown at you. shrugs Not much will happen; it ends once you charge the Loftwing for the Bird Statuette.
And so, atop the Statue of the Goddess, Zelda and you will complete the ceremony. During this, Zelda will hand you a hand-woven Sailcloth which is, in essence, a parachute. After this, Zelda will push you and you are to land in the circle below using the Sailcloth.
After this, you and Zelda will fly around a bit. After the conversation gets a bit … something, a black tornado appears knocking Zelda into the clouds far, far below you…