I still can't stop but think how stretched out the Hobbit films were, for an otherwise short book. That's a sin that stains forever with me. The Lord of the Rings films, do have their own flaws, but they're fairly contained and can be debated as to whether they were good or not. I have so much trouble excusing anything with the Hobbit though.
And I hope we never, ever see anyone tackle The Silmarillion. Simply because, there will be so much improvised fluff in that would-be film, that it'd make the Hobbit films blush.
Do what they did with Killer Instinct 2013 and Battletoads 2020. Bring in another studio but keep the main company associated with the IP in an advisory/support role. Rare clearly shouldn't be trusted with solo developing another game and neither should Bungie.
Or, do what Activision did with Neversoft when they effectively merged them with Infinity Ward and became one of the three core CoD developers. Merging Arkane with Bungie could make one hell of a team.
Bungie holds serious brand recognition with Halo fans.