LOTR... the kung fu version.
May not make a good book, but would solve the Sauron problem in only one movie!
Step 1: a whole lotta kung fu training scenes.
Step 2: Gandalf and his posse (a different fellowship from the original, including Glorfindel and other bad @ss elves) take on the 9 riders, Sauron's personal bodyguard. Gandalf alone walks out of the ensuing mayhem alive, with the Ring.
Step 3: unarmed kung fu battle between Gandalf and Sauron, in the Sammath Naur. For the coup de grāce, Gandalf sends the dark lord soaring into the fiery bowels of the mountain with a flying kick.
The Ring survives... room for a sequel... heck no, a franchise!
I'm surprised Peter Jackson didn't think of this.