This is Lord of the Rings. If there is a more "sacred" Fantasy story when it comes to not making changes, I can't think of any. Its not like The Hobbit, which got some people irritated (including myself) with its pretty much 100% terrible changes. This is LotR in general we're talking about. Gandalf isn't going to get turned into a human, or have some lame, generic origin story. The show would be burned alive worse then pretty much any show before it if they fucked it up that badly.
There are a bunch of things they could do for a TV show without even doing The Hobbit levels of stupid changes, so if something gets made I doubt we'll see some extreme changes to any of the classic LotR characters. I could see new characters in a story set at a different time that gets cameos by, say, Gandalf or Elrond, but I seriously doubt we'll see something that's just a complete middle finger to what Tolkien expressly wrote about a character like Gandalf. There is a difference between making one of the dwarves in The Hobbit film wantto hook with with a non-Canon elf lady and completely screwing up one of the most popular characters in the franchise.
There are a bunch of things they could do for a TV show without even doing The Hobbit levels of stupid changes, so if something gets made I doubt we'll see some extreme changes to any of the classic LotR characters. I could see new characters in a story set at a different time that gets cameos by, say, Gandalf or Elrond, but I seriously doubt we'll see something that's just a complete middle finger to what Tolkien expressly wrote about a character like Gandalf. There is a difference between making one of the dwarves in The Hobbit film wantto hook with with a non-Canon elf lady and completely screwing up one of the most popular characters in the franchise.