There are, from what I can see, two things that it would need to happen to make it good, or barring that, just competitive.
1) It would have to have the financial backing to make it good. Half the reason why Game of Thrones is as popular/good as it is can be traced back to the financial mojo that HBO has. Big production money brings potential for great things. From visual effects, top tier actors (not necessarily big names, but actually good actors), writing/adapting scripts or screenplays, and the list goes on and on. Money makes that happen.
2) Something to set it apart. I'll go back to Game of Thrones. A big chunk of why the show has been successful is the fact that it isn't predictable (to mainline people). We've read the books, and we know that it can go anywhere. However, part of the allure of the show is that most didn't know that. The people that I watch the show with were shocked when Ned died...or the Red Wedding...or when Joffery is poisoned...or when Tyrion kills his father Tywin....etc. Some twists they saw coming...other's not so much.
The Wheel of Time has no such twists or turns. It's not until 5 books in, when a main character gets "killed". And even then, she's actually alive and they rescue her 6 or 7 books later.
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Can it be done? Could they pull it off? Absolutely But to do it right, and for it to be received warmly by the fans (let alone the general public), they have a serious mountain of work to do.
~Jeordam
Number 2 especially is worrysome. I saw what they did with Shannara on MTV and one episode was enough to turn me off. Without something amazing to depict that world, the lack of significant plot twists will mean no buzz will surround the show.
HBO would be a good fit given that they will want to try to recreate the success of Game of Thrones now that the show has a firm expiration date.