I believe (but I'm not entirely sure since I'm not the screenwriter, lol) that we might see the following in the season 3:
- The matriarch of the Ming family may die, possibly followed by the death of her son (though not at the same time in the novel).
- Xia, who is one of her grandsons and a pirate, will take over the Ming family and become FX ally
- There will be an epic battle between great grandmasters.
- An epic battle will occur in the capital or on the battlefield.
- FX taking over Dongyi with the first prince (his brother)
- The emperor will become paranoid, leading to the fall of FX and the death of ChengPP. If they do it right, prepare tissues. In novel, it is heartbreaking
- A journey to the divine temple will occur (north in the snow), and they will return with wuzhu.
- There will be revenge, big fight and the death of the emperor.
- The third prince becomes the new emperor
- The story might end on a happy note. Novel ends with a HE
Those are the main events I see, but they could be very different. They have a tight budget because it is impossible to think otherwise when they cut so many epic scenes, such as the Ming family and other martial fights.