I still say using cord cover will make a small but huge difference! OR, would you consider painting the wall niche black (or a deep charcoal) so that the TV and stand fade away? Or a cool wallpaper print?

Ha - I knew you'd comment on the cord!! The cord will go away. I'll move the outlet once I decide what will hang above the t.v.

I kind of have my heart set on this cute sign (or something similar)

https://www.smallwoodhome.com/collections/wood-framed-signs/products/wood-framed-signboard-make-yourself-at-home-sq?variant=1218290876441

...but I like the wallpaper idea

I personally wouldn't put any art (or word art) over the TV. It'll be distracting when watching. An amazing piece of art/large canvas over the sofa (5-8" above) would be great though. Are you keeping the sofa in that position? Can you see the TV well from there? The person sitting in the chaise part will be so close.

The sectional and chaise are ok as is... Sofa seats 10 people and when we entertain we open the adjacent wall to the patio... so it flows nicely

The wall is 12' x 12' ....where am I going to find a statement piece big enough that doesn't cost add much as a house?

Trying to think outside the box.... any DIY ideas?

Yes, I love diy art. Get a piece of mdf cut to size. Then paint the mdf a solid background color. After that has dried, get a kid between 3-4 years . Give him/her 3 colors of paint and 10 minutes with instructions to paint a picture of the family. Use wall paint, samples are fine. You will end up with an amazing piece of abstract art. Try with older kids and the results will not be as nice. Older than 4yo and they are too good at drawing actual shapes. Young children are great abstract artist.

Paint your own or as Friday says, get kids to do it. Often it is cheaper to buy large canvas "art" and just paint over the image. You could do two or three if the space warrants. This result was pretty spectacular... http://www.likemerchantships.com/2009/04/use-what-we-have-ugly-craiglist-canvas.html

What a cool idea! I wish I would've thought of something like that when mine were little. Maybe I can still get the kids involved...