I'd like to remodel my tv room.

Put white beams on ceiling over wood Running the direction to the short side. Makes it seem wider and lightens up ceiling. In corners both ends put lights that throw the light up toward ceiling. I assume you mean you have wood wainscoting on walls? If it’s good wood, like oak, you can put strips of decorative trim in box pattern over the wood in antique white to mimic ceiling. If it’s pine, paint it a light warm color you enjoy. Sage, etc that will look good with Christmas decorations but can also work for thanksgiving.

Remolding or rearrange it? I would clean the wood with Murphy's oil soap, follow the directions on the bottle. It will give a nice shine. Let the light in, wherever you can. See if you could rearrange the furniture. The other part of the wall, I would paint a light color. Try sand, beige, light yellow, if it goes with your furniture. Use your know-how and play with the room. You can get samples of paint colors, from your Homedepot or Lowe's paint department. Maybe new carpeting, I would get indoor-outdoor, since this will be a room you use often.

I need ideas on color paint for the other half of the wall is sheet rock.

Ebbjdl has a good point first off-: Do you want to re-model, which involves removal of existing surfaces, construction and installation of the new, or rearrange, which is just moving around and replacing (no construction) what you have now.

We are replacing the sheet rock , new windows new furniture and new floor.

Thank you, does are nice calm colors.