So the husband and I were watching The Hobbit: An Unexpected Journey tonight, and during the scene with Gandalf and the Company where he talks about the other wizards. The husband asked me about the two blue wizards, and I tried to answer based on my knowledge (and some of the discussion already here about them).
But then, we got to where Radagast meets Gandalf, and he asks me why there were only 5 wizards sent. Were there more that could have been sent? I don't claim to be an expert or have vast knowledge, but I thought this was actually a good question. Was there a reason there were five sent? Was there significance with that number?
Why Five Wizards?
I believe the lengthiest account about the wizards is from Unfinished Tales, the chapter The Istari. It's been a long time since I read UT though, so I don't know if there's another place that gives a fuller answer to your question.
The Heren Istarion or 'Order of Wizards' was quite distinct from the 'wizards' and 'magicians' of later legend; they belonged solely to the Third Age and then departed,...
Of this Order the number is unknown; but of those that came to the North of Middle-earth, where there was most hope (because of the remnant of the Dunedain and of the Eldar that abode there) the chiefs were five.
So, I believe there are more wizards, but only five came to the "North of Middle-earth." Only a few of the Eldar guessed their nature and purposes. To Men, they appeared to be men who had long studied matters of history, lore, and other interests.
The Heren Istarion or 'Order of Wizards' was quite distinct from the 'wizards' and 'magicians' of later legend; they belonged solely to the Third Age and then departed,...
Of this Order the number is unknown; but of those that came to the North of Middle-earth, where there was most hope (because of the remnant of the Dunedain and of the Eldar that abode there) the chiefs were five.
So, I believe there are more wizards, but only five came to the "North of Middle-earth." Only a few of the Eldar guessed their nature and purposes. To Men, they appeared to be men who had long studied matters of history, lore, and other interests.
A Loquacious Loreman.
he/him
he/him
Tis the season of Sean Bean prequel shows
Ah, I forgot about that "the chiefs were five." statement. That was also the only place I knew about an account on the Istari. Thanks for the answer!
The Valar were big fans of fast food burger restaurants with a full slate of customizable toppings that gave you free peanuts and has a distinctly 1950s feel.
Fangorn Forever
@Mojo Now that is an idea.
Any wizards here want to start a Plaza 5 Guys? I think there's five of you at the moment.
Any wizards here want to start a Plaza 5 Guys? I think there's five of you at the moment.

Artanis / Éomund / Brandor / Zarâm
Plaza 5 guys! That's a idea as there are 5 wizards. :D Maybe that explains why that is my favorite fast food.
Huorn of Fangorn