This is an excellent starting point - I already have some thoughts to flesh this out somewhat.
1. The ring dates far back, and was used to lend fact to a legend that 'even the very beasts flocked to the King's standard..'
2. The ring does not provide simple control as described, but causes the ring-wearer to become the pack leader. This is two-edged, for the pack leader can lead the pack, and they will follow - perhaps accepting some verbal orders through the power of the ring. Second, should the new leader show signs of weakness, up-and-comers (or the old leader) may attempt to regain control. I'd personally make it as follows:
Upon donning the ring, the bearer assumes a greater and greater resembles to wolves as the pack is summoned to the bearer. The wolves will travel at their best speed to reach the wearer, intruding into civilized regions if need be. If that pack is destroyed, then another and another will be so drawn until at least one wolf survives to greet the bearer.
The pack, upon arrival, may accept the new bearer automatically if 'strong', otherwise the current pack leader will challenge the wearer by attacking him. The other wolves will not intervene unless attacked. Should the bearer fail, the pack will tear him to shreds.
Once the bearer is the pack leader, he can shift between wolf-man and pure wolf forms, the latter needed to take advantage of the wolves faster movement. Human form cannot be resumed without removing the ring.
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Removing the ring could either be hazardous or safe at the GM's discretion.
Mm, definitely some questions here, as others have mentioned.
Beyond those ones, I've a simple one - how in the heck did Jerod find out in the first place that this ring allows him to control wolves? Why would he put it on? What would lead him to suspect that it's enchanted? Is he a wizard in his own right, or as MoonHunter speculated, is it some powerful artifact or bound demon which has possessed Jerod?
Years after this, once Tommy had exacted his revenge on the guildmates who betrayed him to the authorities, he started his own gang of thieves. Contrary to the guild structure that fostered strangers to work together, and sometimes against each other, his gang was family. The Thumbcutters became rather infamous in Farrow and in the surrounding lands. They were indeed thieves of the first rate, but rather than coercion, running rackets and the like, the Thumbcutters were highwaymen and house breakers. They took from the wealthy, from guildsmen and merchants, and their favorite marks, traveling thieves.
The Thumbcutters, however, are still very much part of the community. They give alms at the church, and make an effort at running a front business to look legitimate. They can recognized by their left hands missing the thumb.
This is quite the cute short story, and it has something usable hiddien in it somewhere. The problem is I am not sure where. PCs don't typically have msising thumbs even if they are a guild member and the real interest comes from the perspective of being Tommy Thumb. I suppose he could be a 'friend' of sorts in need of help but that could easily devolve into an irksome quest or one the PCs would not take up at all.