This game can be played any number of rounds, depending on how much time is available, and works for any number of kids above 4-5. Works Indoors or Outdoors.
For two approximately equal sized teams, line the kids up in 2 rows facing each other, about as far apart so as their outstretched hands can just touch.
Identify a home base / safe zone about 10 feet behind each team.
Each team by consensus secretly chooses to be Elves, Wizards, or Giants. Like rock/paper/scissors, Elves beat Wizards, Wizards beat Giants, and Giants beat Elves.
On the count of three, both teams shout out their identity. If on the winning side (Giants over Elves, for example), kids try to tag the losers before they make it back to home. Any so tagged join the winning side, and the next round begins… each team again selects an identity, lines up and 1,2,3…
The number of players on each team thus ebbs and flows, and in the end, every player may end up on the winning team!
There is a gesture for each race as well: Giants stand with hands on hips & chests out when they shout out their identity; Wizards hold out one hand and wiggle their fingers; Elves stoop and use their hands to simulate pointy ears.