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I agree. The Ring was the greatest peril and at the same time the only hope for the Free Peoples of Middle-earth. If it had remained lost forever, Sauron would have reconquered Middle-earth, though not as easily or as quickly as he would have had he obtained the Ring. Also, since the Ring would not have been there to aid Bilbo and the dwarves on the Quest of Erebor, Smaug the Dragon would still have been alive, making the fight even more hopeless.
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"If you're referring to the incident with the dragon, I was barely involved. All I did was give your uncle a little nudge out of the door."
THE HOBBIT - IT'S COMING
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