Even in the best case scenario, I don't think it would work out. High fantasy is excessively difficult to produce in film; no one can ever make the sets, costumes, or props right, and you can forget about the creatures and magic spells looking good for years to come. The Lord of the Rings trilogy is the only one I can think of that pulled it off, but not only was that a massively ambitious passion project for the director, but the magic in Middle-Earth is very subtle and nebulous and only a select few individuals can actually use it, which helped keep the setting grounded. You can't really pull that off in The Elder Scrolls, where magic is so common that even a pauper can buy a small spell or spell scroll from the local shop, where humans frequently intermingle with lizard people, cat people, orcs, and three kinds of elves (yes, I know orcs are a type of elf in TES, sue me), where multiple god-like figures constantly meddle in the mortal realm for shits and giggles, and where people can actually visit these extraplanar worlds often belonging to those gods. To say nothing of all the trippy metaphysical stuff going on with the creation of Mundus, the nature of the gods (both Aedra and Daedra alike), the general fragility of time that has caused contradictory and paradoxical effects to occur (called Dragon Breaks), and whatever the fuck was going on in the 36 Lessons of Vivec. There's a lot of outrageous stuff in this franchise, and while it's fun to partake in them in a video game, making a movie that looks good and feels comprehensive with them is a whole other matter entirely.

I think the best thing to adapt from an Elder Scrolls game would not be to adapt the main story of any particular game, but on one of the smaller-scale stories found in the guilds or expansions, where the stakes aren't so high (and where they don't need the associated game's epic hero whom you play as to get involved). Of note, I think some highlights would be:

• The Thieves Guild from Oblivion, where the heist of a sacred magical artifact is plotted to undo the ancient curse placed on the Grey Fox.
• The Bloodmoon quest from Morrowind, where a free agent goes to the isle of Solstheim to find work assisting with the mining operations there, only to be swept up in a werewolf hunt staged by Hircine.
• The Dawnguard story from Skyrim, where a guild of vampire hunters form to combat a rising vampire threat.

Another option might be to adapt the many books and short stories you can read in the games. I quite like the idea of a fantasy anthology TV series where every episode tells its own standalone tale.