I love your display of empty picture frames, and your array of pillows. Though you're thinking of replacing it, your black and white chair seems to be the star of the show and I would just move it over to the right of the entertainment center, placed at an angle.

Then I'd place the matching chairs opposite each other at each end of the sofa, squared off and facing each other. Until you can replace your rug with a slightly bigger one, I'd move it out from under the sofa and center it between the sofa and the entertainment center.

Look for a coffee table big enough that everyone sitting on the sofa or the matching chairs can reach it. Give the black and white chair a small round table of its own. The pale aqua square piece of art in the background seems to be placed too low. And mark this down as a first, because i don't think I've ever before found a piece of art hung too low! They are almost always hung too high!
Carolyn Albert-Kincl, ASID