Alan Moore's original 12-issue miniseries reinvented a medium. Zack Snyder's adaptation made $55 million on its opening weekend in early March in 2009. In 2012 there were a total of 37 prequel issues released under the Before Watchmen banner which received a mixed response from critics and fans. With all of this, it only makes sense that the current kings of cable television, HBO, would listen to part-time DCuniverse chaperon and full-time Warner Bros. golden boy Zack Snyder's pitch for a television adaptation of the world. But what form will it take and what parts of the Universe would it explore? Here are some of my theories.
The Watchmen universe is amazing, but as cool as the opening credits of the film were they did happen to brush over a lot. An adaptation of the prequel material would flesh out the world for casual fans and also create an immersive one you can discuss in depth. They could also use the last season to adapt the original 12 issues from 1986-87. This would be a great way to create an instant classic adaptation - if done properly.
A Faithful Miniseries
As much as I adore the Zack Snyder version, they did have to cut out a fair amount of small things from the graphic novel... and one big thing that pissed off a lot of hardcore Watchmen fans. This show would be a way for Zack Snyder to tell a completely faithful version of the story. Zack Snyder made a four hour ultimate cut of the film which included the 'Black Freighter' subplot for a DVD release, so you know he is a fairly big fan of the source material. This would even allow him to include the Giant Squid. While everyone wants a Giant Squid as a part of their cable subscription, this would be fairly pointless with the film already existing as a fairly faithful adaptation.
HBO's Games of Thrones Replacement
Game of Thrones is a high concept genre series with massive crossover appeal, a huge budget and a critically acclaimed source material. All the things listed in the previous sentence is required for a Watchmen series, too. Game of Thrones will most likely end in the next two to three years. It would make sense for HBO to want to keep the same audience in their pocket by hooking them onto a show that's similar, yet vastly different to continue on the HBO track record of high quality drama.
All of the things I have listed above could be true, but it's too early to tell. We currently know that Zack Snyder pitched a show and that's about it. It doesn't even have a writer, showrunner or pilot ordered. Feel free to share your ideas and thoughts in the comments!