It was very, very different from the FotR as we know it.
Some examples...all from Christopher Tolkien's ((JRR's son)) "The Return of the Shadow"
***The Chapter "A Long expected party"**
Tolkien's 1st Draft of FotR chapter 1
In this draft, Bilbo's party takes place when he's in his 70s rather than 111 He also announces that when he goes, he's going to get married. Say WHAT!?!?
Quote:
When Bilbo, son of Bungo of the family of Baggins, prepared to celebrate his seventieth birthday...
It also continues on in his speech:
Quote:
Secondly to celebrate my birthday and the twenthieth year of my return. Lastly to make an Announcement.' He said this very loud and everybody sat up who could. 'Goodbye! I am going away after dinner. Also I am going to get married.'
Tolkien's 3rd Draft of FotR chapter 1
In this draft, we're introduced to the character who would eventually become Frodo, but at this time is called Bingo, Bilbo's son.

Quote:
When Bingo, son of Bilbo, of the well-known Baggins family prepared to celebrate his seventy-second birthday...Bingo's father, as some still remembered, had once made quite a stir in Hobbiton and Bywater-he had disappeared one April 30th after breakfast, and had not reappeared until lunch-time on June 22nd in the following year...He wrote a book about it...
Bingo son of Bilbo becomes Bilbo's nephew, and his name is changed to Bolger-Baggins. Still no sign of Frodo as we know him.
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***The chapter "Three is Company"***
of the next chapter Frodo's name finally appears, but as Frodo Brandybuck! Remember, Frodo Baggins of our version is currently named Bingo Bolger-Baggins, Merry Brandybuck of our version is Frodo Brandybuck, Pippin as we know him is Odo Took and there's also Drogo Took.
Quote:
'Have you three any idea where we are going to?' said Bingo. 'None watever,' said Frodo... 'What we don't know,' put in Drogo, 'is how long it is going to take us on foot. Do you?' '..Actually I have always had some adventure every time I have taken the road to Rivendell' said Bingo...'Better turn in soon and make an early start,' said Odo (who was fond of bed).
gets rid of Drogo Took and adds a character called Marmaduke Brandybuck, giving us Bingo, Odo, Frodo, and Marmaduke (called Merry for short now).
Quote:
'Then who are you and who is your lord?' said Bingo. 'I am Gildor,' said the Elf...'O wise people,' said Frodo, 'tell us about the Black Rider!' ...Odo...whispered to Bingo. 'I suppose we shall get a really good bed and supper?'
Even Strider isn't present yet.
Quote:
Suddenly Bingo noticed that a queer-looking, brown-faced hobbit, sitting in the shadows behind the others, was also listening intently...'Who is that over there?' said Bingo, when he got a chance to whisper to Mr. Butterbur...'Him?' said Barnabas, cocking an eye without turning his head. 'O! that is one of the wild folk--rangers we call 'em'
So instead of the heir of Isildur, we have another hobbit whose name turns out to be TROTTER
Thus:
Frodo Baggins = Bingo Bolger-Baggins as Bilbo's newphew, or Bingo Baggins, Bilbo's son
Pippin Took = Odo Took
Merry Brandybuck = Marmaduke Brandybuck
Sam Gamgee = Frodo Took(?) or Drogo Brandybuck(?)
Strider Aragorn = Hobbit called Trotter who is a Ranger and wears shoes