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.

Moiraine#

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

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.