I think the bigger issue is that Amazon desperately wants a giant, streaming hit and they have touched a little on it with stuff like Invincible, Marvelous Mrs Maisel, Transparent, The Boys, etc but they have nothing on the level of Game of Thrones, Stranger Things, Tiger King, Bridgerton, Walking Dead, Mandalorian, etc.
I don't think Lord of the Rings or Wheel of Time will hit that mark, after Game of Thrones and Witcher its gonna be something new and different - Cyberpunk or something like that imo - not fantasy or 80s kids horror. It'll be fascinating to see what exactly Amazon does with how these shows are received, since they'll know exactly how many people watch, how long, how many people subbed, etc.
The previous WoT pilot with Billy Zane was only done at the last minute for a tiny budget so the rights holders could keep the rights. They had to get something on TV within 7 years or they would have lost the rights. It went into court after that since the widow of Jordan basically argued it was a bad faith attempt to retain the rights, I think she won.