Scavenger Headboard

So I found a piece of plywood, the wrong size, of course. Two nearly empty cans of spray paint that nearly covered the one surface. Old antique white paint, a brush and a nearly empty can of poly finish.
It really needs something else. I am thinking a nice window treatment to help frame it, burn the blinds, remove the foil. (the foil is so embarrassing)
Problem: I don't have nice window treatments just laying around the house. Hmmph.
What do you think about red? Too bold? I'm just not sure what to accent with. Oh, and yes, I totally need some accent pillows.
Please help me out with your ideas. I'm open to any suggestions.