I see one of three things happening:
a) A full-on CGI extravaganza featuring the major players in the M:tG universe. It's been forever since I've played, but some guy has an airship and it's a plane-hopper, I think? It will be chock full of sfx and have many key spells, lands, artifacts and monsters and someone will inevitably be "the villain"... maybe the five colors will be threatened by some gob-awful World-Crusher.
b) A Yu-Gi-Oh style animated adventure where the cards are 'real' and it's up to a group of kids or young adults or something to prevent some big bad from tearing the rift between dimensions and causing hell on regular Earth.
c) And what they'll probably do - a live-action adventure starring little kids who learn about M:tG from their mother/father who used to be a tournament champ but doesn't play anymore because they know The Game Is Real and want to protect their three kids. Then some kid becomes a prodigy (probably the youngest), learn The Truth, gets snapped up by The Big Bad to exploit and its up to the rest of the family to throw down, traverse the Planes, save the kid and win one for Truth and Justice. (See, each member of the family represents one of the 5 colors...)
And that's just a few minutes of revelation.