I'd build the bookcase/cabinetry centered on the wall, and ignore the bumpout. Inside the cabinets you could reflect the bump for extra storage, but open shelving might be best all the shallower depth. Secret storage behind perhaps. Make bump disappear.

Or enlarge the bump to make it centered, but don't incorporate a flaw (weird wall bump) into a design when a better design could hide it entirely.

Don't let the bump boss you!

(Why is it bumped out, anyway? What's back there?)

I agree TV is mounted too high. Not sure why you have an open closet(?) to one side of the room. I would work on clearing that out/covering it.

Thanks for the advice so far! The closet it open because we need to buy a closet door and haven't gotten to it yet. There is a chimney behind the bump out wall-- we've debated taking down the dry wall and exposing the brick, but when we took a look, the bricks were gross and need work themselves...a project for another year.

Fore-- Not sure what you mean by "build cabinetry centered on the wall"- I'm intrigued! Do you have a picture as an example?

Another vote for why is the TV so high when there's not even a fireplace you have to clear? You want it at eye level for seated people. (Well, really, *I* want it over a console to the left of the bump, but you've already ruled that out.)

You'll have difficulty building anything in on either side without partially blocking the closet and/or window. I think I'd just do a furniture piece of some sort on each side, with a painting over at least one of them. Or a slim bookcase to the left, since you already have an end table and lamp there, and then something with a little more presence on the right...

I'd do built in bookcases with storage below, lighting at the top of the bookshelves( looks like your room needs more light), lower the TV & perhaps paint the bump out a darker color so that the TV recedes some .. a good cabinetmaker can work around obstacles, been there done that.