Overall, I think the main story line of Season 2 will be Falme. I don't think they'll include Tear and Callandor until Season 3.

Why Falme?#

It's the next big event in the books. I think that having five locations (Fal Dara, Tar Valon, Caemlyn and Falme and something in the Waste) will push the budget for the season.

Why Not Tear until Season 3?#

Having Falme and Tear, two big events, might be too much for one season. I'm pretty sure it will be included in general because they already gave us a glimpse of Tear in Episode 106's cold open and I can't see Rafe teasing us with just that glimpse and not letting us see the whole thing later.

Plot-wise, Why Falme?#

There has to be a plot reason for them to go to Falme. I think it will be similar to the books. While in the books, Padan Fain was captured and scribbled on the wall of his cell in TGH,Ch6, I think that in the show, Fain will stop while leaving and scribble the same message on the wall: "We will meet again on Toman Head. It is never over, al'Thor." See the Notes section of TGH,Ch6 for why Fain chose Falme.

Padan Fain#

Fain will take almost the same path to get there as in the books, however I believe that the Waygate will be moved from Cairhien to Caemlyn. I don't think we'll see Cairhien for budgetary reasons. I don't think we'll see much of Fain again until the end of the season, except for evidence, like a Fade nailed to a door, that he's still headed that way.

Moiraine#

Moiraine's going to be at Adeleas and Vandene's place at Tifan's Well in Arafel for a while (like in TGH,Ch22). I say this because in the Decider interview there's this:

Since Tifan's Well is west of Fal Dara, I think she's going to send the Two Rivers folk south on their own with orders to drop Nynaeve and Egwene off at the Tower to be Apprentices while having the others (Perrin, Loial, Uno) chase the Horn after that.

While she's staying with the Namelle sisters, we're going to get some exposition on the Karaethon Prophecy, such as it stating that the Stone of Tear will not fall until the Dragon Reborn wields the Sword That Cannot Be Touched (originally in TEotW,Ch13).

Like in TGH,Ch22, she'll send Lan away, but I'm not sure that the part about her bond to him being passed to another Aes Sedai will be included.

Moiraine will find a way to break the shield that Ishamael put on her.

Lan#

I think Moiraine sends Lan away because Daniel Henney said in an interview (source?) that for Lan in Season 2, there will be lots of blood and Trollocs and Fades. I guess he's gotta work through some anger issues. I'll bet he comes back to Moiraine soon after she breaks her shielding.

Min#

Min will make her way down to Tar Valon in time to be part of the kidnapping like in TGH,Ch39.

Nynaeve and Egwene#

Nynaeve and Egwene will be dropped off at Tar Valon in time to be part of the kidnapping like in TGH,Ch39.

Mat#

Last we saw, Mat was entering Tar Valon. He'll be captured by the Red Ajah and probably be completely healed of the dagger by some other Aes Sedai(s). He'll speak the Old Tongue during the healing. When Nynaeve and Egwene will be dropped off, he'll join Perrin, Loial and Uno in their chase of the Horn.

Perrin, Loial, Uno and Mat#

The foursome will continue to Caemlyn. Mat will have the quarterstaff fight. They'll all meet Elayne. Afterwards, they'll take the (moved) Waygate to Falme.

Other Predictions#

There are others out there who have their own predictions. I'll include them here as I find them.