Beautiful room! Will there be a television? Generally, furniture is arranged based on the focal point and function of the room. Do you want to facilitate gathering around the fireplace? Or separate seating areas? Depends on how big the room is. Add a few more details and photos and you'll get some great ideas!

I sketched this out... Hopefully it helps.

The TV is on the wall to the right of the fireplace in the picture. You might notice the wall mount.

The drawing helps with the scale of the room. What a great space for hanging out. Think about how you want the room to be used. Is this the spot for young kids and their friends to watch a movie? Or lots of people over for a casual Sunday of snacks and football? More formal for meetings? How many people need to sit comfortably?

"Programming" is the first step designers take before making suggestions--otherwise the furnishings will be perfect for someone, but not necessarily you!

More casual+lots of people= sectional or two sofas at a right angle with a large side table in between. Don't skimp on the size of the coffee table. Be sure to include console tables behind the sofas for lighting--and never turn on the overhead light:)

Before furnishing, you should ask an electrician if it's possible to add floor outlets for table lamps behind the sofas. Well worth it!

We have a bonus room upstairs that I'd like to use as a media room (at least until we have kids), but I still see the family room being where we congregate with guests and just watch evening tv together.

My wife really wants this oversized chair, but I'm just not sure how to fit it into the room. I found this neat website that let me plug in the exact sizes of each piece of furniture... and I just can't seem to make it work.

I also played with a sectional... but we went to try out this particular one, and she wasn't thrilled with it (probably because she just really wants that oversized chair).

Hi, congrats on your new home.....absolutely beautiful space!

With the appropriately scaled sectional, perhaps both (a sectional and your wife's favorite chair) can work in the room? See pics below.

The oversized chair could look very comfy in that corner (as you placed it in your last rendering). It would definitely create a cozy & relaxing reading area/corner. Then maybe instead of the sectional size shown in that same rendering, try a sectional with arm chaise or bumper chaise only (like shown in 2nd picture below)

What is the size (width, depth, height) of the oversized chair your wife likes?

I would also suggest trying out a configuration like this.

Sofa facing the fireplace, 2 (swivel?) side chairs facing TV and oversized chair at corner between TV wall and fireplace wall.

Another idea in case you and/or your wife would prefer to have a more direct view of the TV from the oversized chair: follow a similar configuration as the picture I just posted above with a sofa facing the fireplace.

Instead of 2 chairs facing the TV wall, place the oversized chair there. Then have 2 smaller sized accent chairs flanking each side of the TV (angled inward) like shown in the picture below (visualize TV/TV console in lieu of fireplace in pictures).

Congratulations on your new home purchase.
Now that you have a clean slate, take your time in choosing your furnishings. No rush!
You have a beautiful space, and it would be well worth the money to have a professional help you space plan and choose your furnishings.
It may seem expensive to hire a designer, but it will save you tons of money in the long run! Believe me, I've learned from my mistakes. Just because you like something in a showroom, doesn't necessarily mean it will fit in your space. Plan, plan, plan.
A lot of people on this site make a lot of expensive mistakes by buying the wrong scale furnishings, matching sets,and the biggest ugliest black or brown leather sectional and matching chair they can find.Then they post, how can they make it look good in their space, when they should never have wasted good money on it in the first place.
Now is your chance to make the correct decisions that you will not regret in the future. If you can't afford everything at once, buy a few key pieces such as the rug and sofa and have a plan to buy future pieces as you can afford them.Take your time, look around for inspiration, color, fabrics, texture,then hire a professional!
Your end result will be timeless, tasteful and beautiful! Good luck.

Then here's just some more potential ideas....much of which depends on the actual sizes/scale of the furniture you are considering.

PS the configuration in pictures 3 & 4 is "interesting" and "different" and maybe only something to consider if interesting/different is what you'd like. But, it would probably be not the best configuration if you prefer more seating with a better/direct view to TV. This configuration though would mean 2 oversized chairs (maybe make your wife twice as happy :-)) and a low-profile sofa. The TV would then need to be wall-mounted and installed higher than the sofa's back height.

Anyway, looking forward to see what you decide! :-)

P

Thank you guys so much for your input!

@avery the size of the oversized chair is 46"x39"x39". The whole set is attached, including the table we'd like.

Love the floors! I would suggest adding floor length curtains, to open up the room a bit. The right rug would look great on these floors.