The larger rug. Without the measurements of the room I tried to do this mock up and came up with this as your furniture placement... with the rug measurements and the over hangs it seems like your small couches must be quite a distance from each other like 11-12 feet apart. Again without seeing the space it might be totally different looking...

I turned the couches and the rug a little to give it some more intimacy...

Also some pics of the space .

It really all depends on the size room.

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Here are pics of my open concept living room with the 2 rug sizes to scale. I’m leaning toward the 10’x14’ size since I feel the 12’x15’ looks a little too big/overpowering even though the whole room is fairly large. I think proportionally to everything else the smaller rug would work better. Just worried that since this smaller rug only goes 2” under the sofas that won’t be enough to feel like the room is tied together well...thoughts?

Oops! Sorry, posted 2 of the same pic just now. Here are the correct pics:

Your sketches do not have any measurements on them so this is still a shot in the dark but I would still say the larger of the 2 rugs and pull the couches together into the middle of the room with a coffee table and a couple of ottomans near the fireplace to warm it all up.

I agree with rawketgirl.

Please give rawketgirl's rendering a close look. Not only has she pulled the loveseats closer to the sofa, she has pulled the rug away from the TV console giving the whole seating area a more cohesive feel.

Just a budget point...10x14 rugs are expensive..12x15 will be wicked expensive and hard to find!