Here I should stress that it's not officially a sequel to Troy but it might as well be, since it will follow that "real world" vision they set up with their earlier Homer rewrite. The movie won't be the tale of Odysseus' really lousy trip home from the Trojan War, but what happens when he finally gets back to his kingdom of Ithaca which he "finds under the brutal occupation of an invading force." Now this is true to the poem in that Odysseus finds all those wannabe husbands eating him out of house and home, and Penelope trying her best to fend them off. But they're not an invading force, they're local boys having a lot of fun, and their families don't take kindly to Odysseus slaughtering them all. War nearly breaks out between Odysseus and all of Ithaca until Athena intervenes, and forces them to make peace.
So yeah, there's a movie there, and the Muse will always start where she will. But it wouldn't be nearly as much fun as the Cyclops, the Sirens, Circe turning men into pigs (ha ha!), the Underworld, faithful Penelope and manwhore Odysseus (so good in bed that Calypso refuses to release him for years). I'm enough of a classics nerd that I could sit through a whole Odyssey trilogy if Warner Bros would just make the whole sprawling saga. I know I'm not alone in that. Still, if this is the version they're going to go with, could we at least have Sean Bean reprise the role?