This doesn't look too expensive to do. Pretend the fireplace is your t v. This framing will help visually with a wall so tall and flat looking. Paint it an accent color.

What room is this? I like to see ceiling painted, especially when they are so high. It is a more finished look: Or:

This room is full of interesting pieces, but soes not look cluttered.

Here is a nice wall with a TV: Part of the tray ceiling is painted.

How about an asymmetrical sculpture above the TV? This is a photo of my living room with a stone and metal sculpture above our TV.

Love judyg 's idea..go wider so the top of the wall won't look so empty.

If you can work with wood, I would make creative bookshelves for either side of the tv. Have the tops pitched to align with the angled walls. Paint the backs black, and the shelves and the sides to match your wall color.

I agree with wide bookcases to look like a built in shelf unit... but be careful not to go too high. For a tidy look have doors put on front of shelves so everything you see looks clean & contemporary. It also makes the TV look built in (judyg's photo). Remember, it's OK to have "white space" as graphic designers call it. Not every piece of wall space needs to be filled up or covered up. Some space would be great to show off the height of the ceiling, but I'd make sure your bookshelves allow ample space on top for some colorful art that you love. I'd probably keep the bookcase around 4' high so you can still enjoy your art at eye level when you walk in. Does that sound doable?

I like Judy G's pic - you could put track lighting on the inside pointed toward the wall and elements you place there. Or you say you like rustic .... Get some roughsawn 6x6 beams, beat them up if you like really rustic, (natural finish or stained) and take them straight up the wall to the ceiling, wide enough for good proportion and a cross piece at about 5' level. Treat it as you would a fireplace but put your TV on that wall and build in shelves/cabinets, etc. as step 2,3, and so on. Its a grand scale so play it up.
dont forget good lighting

I suggest either painting both the walls and the ceiling the same color or installing faux ceiling beams across the ceiling which end at the wall on each side so the contrast between the wall and ceiling is not so evident.. Please paint the bent to match the wall.

I definitely agree with the idea for the built-ins. Have you considered a beamed ceiling treatment? That would bring more interest to the room and keep the high ceilings from making the room look like a bowling alley. Something like the attached might be nice.

Thank you all so much! My mind is just spinning now with all of your great ideas! I think the painted ceiling is doable- Do I put trim at the wall/ceiling junction and paint it the trim color? Then I can add some stained beams - It looks like in that last pic, they are maybe 3 or 4 feet apart. Is there a formula to that? I think the TV will be switched to a wall mount and I can add some seating/shelving on either side. We have a library, so I will skip the full out bookshelves, but some areas for display would be wonderful. Love the idea of the doors! Thanks again, you have been so helpful!

Also...that ugly white vent is getting painted the same color as the wall!

The beam spacing will depend on the size of the room. Also the larger the beams, the larger the space between them. I suggest putting the end beams right against the walls so there is no trim. :)

@hburchfield - No trim on the ceiling-wall junction.

What you do depends on your time and funds for project...that said, I recommend a large horizontal rectangular artpiece, wall sconces(be it electrical or candle), bookcases, ledges, or cubes are also good ideas that can allow for more creative fun, personalizing, and easier to change decor to suit holidays, seasons, mood, etc. Enjoy the adventure: )

Thank you!! This has been so helpful!

you need to draw the eye to the center...i would paint a really wide stripe in the center in say, a pretty bold blue, then paint the remaining wall space a warm tan. you can go the lightest shade of blue for the ceiling. then of course, add a pair of accent pieces on either side of the TV.

Love judyg's idea, especially the ledge to display art. Anything to draw your eye from a TV when not in use has my vote... Good Luck!!!