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?#

Moiraine#

Moiraine's going to be at Adeleas and Vandene's place for a while. I think without Lan.

Here's where we 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).

Other Predictions#

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