Ignore the critics that think you should have new everything for every room -- not all of us have that budget. Don't discard your furnishings. That you have exercise equipment in this room indicates it's not intended to be a formal living room. While it may well be that not all your furnishings are on the short list of items most of us want to put in our the living room for creating a good first impression -- they're certainly not out of place for a family/activity room. You might want a larger cabinet on which to set your tv in no small part because a taller cabinet will be more comfortable to watch and a larger cabinet with doors would give you media related storage space. With that in mind, if you're wanting to change this room on a budget, sometimes you can find an old hutch or bookcase suitable for use as a tv stand from an "antique and more" resale (used stuff) store, Habitat for Humanity Restore Store, Good Will or a local charity thrift store that will serve your purpose When you are out and about with a few minutes to spare, wake through these and see if something catches your eye. If you are careful not to collect junk -- if you know the measurements of your room/space before buying anything and buy only what you will actually use, then such trips will not be wasted time. Good hunting.

Yeah, I know it’s a tall order to come up with something that accomplishes what I want but I figured I'd see if others on Houzz had some ideas. Both sectionals that I'm considering are pretty spacious. The first one is 144” x 79” and the other is 120” x 110.” msteezzy - here’s a picture of the space you asked about.

I would do my best to get an idea of how your furniture will be arranged in the room and place the outlets UNDER where the furniture will be (so outlets will be out of sight). There is really no need to have them out in the open as you will normally be plugging a lamp in and not need to access the outlet again. Under the furniture (centering under a sofa or chair) keeps the ugly wires out of sight for a much cleaner/neater look (you wont see the plug sticking up out of the outlet when hidden under furniture). You can also hide extension cords under a sofa and plug a lamp into that, which actually makes plugging in multiple items easy to access.

I agree with the comment about the vaulted ceiling covering the entire space. If you want an open concept, make it open. Just my experience building kitchens and a family that likes to cook. And a little bit of learning about air handling. An open concept is easier to manage air flow. There are mechanical advantages. Comfort. Working space near. Kinda hurt my feelings at first as a cabinet builder to buy a new working counter with roll out drawers under the top. Wood top 2 x 5 foot. On wheels. Practically won out. Having a mobile working space in an open concept kitchen, pantry, living room. Just may need a wheel chair some day. Windows are placed where there are nice views.