The problem is that they're trying to do too much at once, and therefore not really committing to anything at all. They want to tell the story of Celebrimbor forging the rings, but first they need to get the dwarfs' help with that forge, therefore Elrond has to make friends with Durin where they subtly hint at the balrog. Meanwhile Galadriel has to make some irrational decisions in order to end up in Numenor so we can already foreshadow the destruction of Numenor. Meanwhile there's also Orcs turning the southlands into Mordor. And all of these require Sauron, who is still absent.

What I would do instead is this:

Season 1: Galadriel founds Eregion, Celebrimbor makes friends with the dwarfs (with Elrond's help, if we really have to have him), and they get to work making that forge and whatever else Celebrimbor needs, possibly with some politics and negotiations. Numenorian ships arrive and set up some trading posts all over the coast. We probably get to see some stuff happening in the southlands, including Orcs preparing to turn it into Mordor on behalf of Sauron who we don't see there. Instead Sauron shows up in disguise and tries to persuade Gil-Galad, gets blown off, eventually succeeds with Celebrimbor, and teaches him how to forge the rings. The rings get forged. The season ends with Sauron completing Barad-Dur and forging the One Ring in Mount Doom. (Or maybe he does that in the penultimate episode and in the last one he starts his invasion?)

Season 2: Sauron attacks Eregion! This season is mostly going to be war. It's not going well for the elves. The Numenorians are doing great, but not getting involved very much yet, until the final episode when they arrive just in the nick of time to bail the elves out. Together they defeat Sauron. Everybody is happy and all is right in the world.

Season 3: The focus shifts to Numenor. They grow more powerful, their trading posts turn into forts and cities, but they also grow more jealous of the elves. Rebellion and division in Numenor. Sauron is subtly corrupting some human kings, giving them rings, and turning them into nazgul. (Or maybe they got those rings in an earlier season? When do the dwarfs actually get their rings?) This season lacks a bit of a climax. Probably something ring-wraith related. Or maybe the repentance of Tar-Palantir when he realizes how Numenor is going wrong?

Season 4: Ar-Pharazon seizes power! His expedition to capture Sauron. All the events up to the fall of Numenor. Spectacular climax assured. We've got to know Elendil and his family during this season and they escape the destruction.

Season 5: Elendil makes friends with the elves and they form the Last Alliance, fight Sauron, Elendil and Gil-Galad die, and Isildur refuses to destroy the ring.

That's epic. It's in the right order. Every story has room to be told, but keeps focus. There's plenty of room to invent more stuff in every season. You can still have Sindar in the southlands discover Orcs there, for example. Just let all the big events each have their own season.