[Lomelinde]

You're not crazy, you've brought up a very valid idea.

Now that one thinks about it, the ring would seem to be the main antagonist in the LOTR. In fact, another possible point of evidence is the fact that Sauron bound his lifeforce to the ring when he forged it. Sauron's physical form was destroyed, but the ring survived. And although Sauron returned later, he couldn't do much without his precious ring. He only held total dominion over a localized area and his form (the Eye) was restricted to the top of a tower. This point emphasizes the power of the One Ring, and how in a way, it held more power than Sauron himself, which would make it a more formidable foe than Sauron or his Nazgul.

In addition, the ring was the only "enemy" in LOTR that could cause internal struggles in the bearer and thus slowly and silently destroy him, a fate that anyone could succumb to. The universality of the ring's ravaging effects also underscores it's role as the ultimate "bad guy".