Carrie, my husband bought a 4 x 8 ft sheet of insulation board from Home Depot. I covered it with cheap white felt from Joann's. They have some felt that is really wide and I did not have to piece it. He used small washers and screws and screwed it into the wall. It works great and was real inexpensive. With that much wall space, you could cover the whole wall! I actually run out of room on mine - 4 ft is not enough (but better than nothing)!
Anael - your BOM from last year is looking great, I love the layout. I got behind on my blocks so the one's I finished are still in the drawer waiting!!! I'll probably use the QAYG method I used last year.
Here is what I have been working on. It is just stuck up on my display wall (crookedly at that)! It is very busy (too busy for me - wish I had used a solid color), but maybe it will grow on me! The piecing was easy, but the layout is a booger, it is so easy to get something turned the wrong way!