There are so many awesome tales we could delve out of Tolkien's universe - and we don't need ANY of these stories to focus on the main characters.
Here's three I've seen people online come up with.
1) the saga of Bill the pony and his trip home. Radagast the Brown turns up.
2) Lobelia Sacksville-Baggins solves crimes in the Shire. Suggested title: "Mordor, She Wrote".
3) Maggot Sandwiches: slice of life of a single orc, following him through his life journey to his well-deserved sticky end.
And here are four more I came up with myself. Which doesn't make them better I know.
A. episodic action series taking place in the northern reaches following a squad of rangers whose job is to hunts down trolls, wargs, orcs, giants, etc. to keep Bree & the Shire safe and ignorant.
B. Ocean's Eleven but in Umbar.
C. Resistance to Sauron in Rhûn, as a small band of people who sees Sauron's God King cult for what it is strive to limit and reduce his destruction and corruption of their culture. The Blue Wizards help out which is canon.
D. "It's Always Sunny in Philadelphia". But it's the Prancing Pony in Bree.