Premise is weak. When I first read about a new one in development, I was really, really hoping for the tale of Luthien and Beren, the Silmarils and the defeat of Morgoth. That story has everything you need for a big budget movie trilogy (or more).
100 billion percent agree. It's the Bible multiplied by the Illiad, there's 4000 hours of movie there if you want it.
Could have EASILY done one season per "age" more or less and had great content for YEARS.
1. Creation of world (kinda boring) and Melkor being a problem - maybe that's a preamble
2. Awakening of the Elves, journey to Aman, Sundering
3. Feanor creates Silmarils/ Melkor destroys the Trees and dips to Middle earth
4. Meanwhile in Middle Earth, Men turn up, Dwarves do stuff, and Thingol rules, First battle
5. Feanor goes ham, Kinslaying, Noldor exile and Second battle
6. Lots of wars, Gondolin, Hurin, ending in Fingolfin v Morgoth (this could be 3 seasons itself)
7. Turin Turambar
8. Beren & Luthien
10. Voyage of Earendil / Final Battle
That's a list made by an idiot with 5 minutes work. Surely they could have done better that what we have had so far.