"The Magicians" could be great if they get a really sharp team on it. While it isn't an easy adaptation, it isn't a particularly hard one either and one can assume they'll be taking the basic premise and running pretty wild with it, using mostly the middle of the book where they've all graduated from Brakebills and are enjoying all the perks that magic and the modern world can provide.
Basically: What does Harry Potter do after Hogwarts, if Harry Potter were a manic depressive genius surrounded by equally damaged magical geniuses?
The rest of the book is a bit too plot-driven to turn into an ongoing storyline, not to mention expensive as hell(and too quirky for primetime) once you start including talking bears, giant ram gods, a generic version of Narnia, etc.
In any case, I doubt it'll get past the early development stages.