My understanding of the show is that it's a prequel to the lord of the rings and is based on information from Tolkiens Similarion books. I'm not 100% on that but that's what I heard somewhere. My guess is that it will start when the rings were forged and eventually, depending on how many seasons it goes for, end when Elrond defeated Sauron. That's my guess.
RE: The Lord of the Rings.