First - I would get that projector off that mount setup. I would either put it on a shelf at the rear of the room or up tighter against the ceiling. It looks like it may be on a decent mount, but it looks like the projector is pointed upwards, which is very bad. It looks like one of the better Epson models, with lens shift, so it shouldn't be tilted at all. It should be level, and lens shift should align it to the screen. I could be wrong on this, but a make/model for the projector matters. Likewise, the type of projector mount matters. That can really be cleaned up quite a bit.
As for speakers, I think it is almost a wash. The Monoprice speakers are very nice, but you aren't coming from bad speakers to really nice speakers, you would be going from really nice speakers, to other really nice speakers which are just different. As long as the sound bleeding out of the back of these speakers isn't bugging the rest of the house all the time, then I would stick with the Paradigms. I think a actual change would be to a speaker with a decent back box, like a Triad in-wall speaker. Still, I would be hard pressed to go that route unless I was really unhappy with the sound of the Paradigms.
I would focus on getting a good subwoofer, and I would create a budget and ask for specific models. SVS is always a good way to go and is a brand I've used a number of times on various installations I've worked on. The audio from a good sub can permeate an entire home, so be aware of that.
For a screen, the Silver Ticket WAB series is quite solid and well reviewed. It works great with 1080p models, as well as 4K projectors.
Description The Silver Ticket Products 100" 16:9 Fixed Frame projection screen offers powerful performance for the price. Materials Available - Matte White, Grey, HC Grey, Silver, Woven Acoustic. Please see other product pages for screen materials. This screen features real projection screen...
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The price is right on the screen and the quality won't be bested until you move up to something like a Stewart screen, and that may not be a 'huge' jump for the money spent.
For a receiver, I would just stick with a Denon or a Yamaha model. They are solid and do a reasonable job with the audio. You do get more power with them as you spend more money. There isn't a model from them, that I'm aware of, which would be considered to be of 'bad' quality. On a nice mid-level system, a AVR from those companies will do about any consumer just fine.
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