Clearly it doesn't. It deals with a few years that apparently comprise the entirety of what happened over thousands of years in the 2nd age. At least if the time compression that the was quoted earlier is accurate.
If they don't condense it(or not by a lot) and we see the rings forged, then time happen, then the One Ring is forged, then a lot more time happen, then Sauron get captured, then more time happen, then Isildur leave, I'm okay with that. If we've already seen the shadow of Isildur and the rings haven't even been forged yet, he has no business being there.