To me, the ideal would be to have the fireplace where the tv is, and the tv on a console, where the fireplace is. But that's not a realistic...is it? I don't really know the logistics of what that would entail. But I think I would clear out the built-ins. I think I like the wet bar, but would remove that extension/peninsula. Your room looks very comfortable and I like the colors.

It might be best to just start over. Perhaps place the fireplace in the middle where the TV is, and get rid of the wet bar while you're at it? It seems like quite a weird layout.

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Get rid of all of that. Start over with a good Interior Designer.

Are you willing to redo the floor? It probably doesn't go under the bar, but it looks very nice.

I'd be tempted to pull the whole thing and redo it too, with cabinetry to fill the entire wall all the way to the fireplace, which deserves a new face.

Looks like HVAC complicates things. (Return air vents on the niched wall?)

In a perfect world, I would want rid of it all--starting with the fireplace and erasing the peninsula.

In the practical world, since this is a large room, I would leave the TV niche, cut back the overhanging niche above the TV flush with side niches and drywall over the whole shebang. (Drywall all the way to the ceiling.) Minimal disruption and no need to replace flooring or deal with the HVAC. Either square off the top of the mirror niche over the fireplace or drywall over it. Spend the bulk of $$ on a big facelift for the fireplace. Current fireplace does not work with the style of the room.

There's a lot of wasted space lurking behind all that '80's contraption. First, see if you can match your flooring. That will be the key to your decision. If new flooring is in the budget, I'd tear it all out and start fresh. If you can't tear it out, I would close up ALL the niches with drywall, reno the FP with a contemporary look and no surround, and cut back the decorative top on the wetbar for a more sleek style.

ci_lantro: Return air vents on the niched wall?

You mean the speakers?

Hopefully there's nothing behind & it could be totally redone. If not, then this will help update it. Raise tv up to comfortable eye level. Possibly recessed storage under & square off rounded edges.

Hope that helps visualize some possibilities.

You mean the speakers?

Oh, I suppose could be. Didn't register as speakers with me, probably because I've just finished relocating an return air vent. Admit that it did bother me that I couldn't see vanes so I guess those have to be speakers.

Speakers are super easy to move.

Here is some idea