How high up is the TV from the floor? Arhaus has a few great industrial console tables if the TV is high enough. Another thing you could do is mount shelves around the TV to house components as well as pictures frames and a few accessories. Just make sure to go wider and/or taller than the TV to avoid the TV becoming a gaping black hole on a bookshelf. What a great space for entertaining!

Thank you!! I love the idea of the before and after photos

I would buy or build (or have bult) a console for the AV gear that sits below the flat panel. I would install recessed speakers L/R/C of flat panel and if so motivated add surround speakers in the ceiling directly over the sofa. Create a sound stage affect with speakers 6 - 8' apart and equal spacing in the ceiling. Hire an electrician to run the wires. Chances are they can get all of them hidden in the walls and ceiling. They can even relocate power receptacles so they are closer to the cabinet and flat panel. Install junction boxes and plates with jacks for AV and speaker hookups in the cabinet so you can easily hook up the AV gear w/out seeing any wires. Consider a shelf in the cabinet on a drawer glide so you can pull out the receiver/amp to plug everything in.

Unfortunately we will not change the layout.. We are thinking about changing the couch though...

Great illustration for the tv placement. How or where would one hide the hanging wires

You could have an outlet installed directly behind the TV or cable boxes, or you could make use of cord concealers sold at any Home Depot or Lowes. You can see in the bottom photo of the first comment that there are cords between the bottom 2 shelves connecting the cable boxes to the outlet.

A media console would look good underneath, but you still have a lot of empty wall space that will make it look like a sore thumb. You may need some cabinets on either side. Like this:
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