Even accepting that this is a big-budget mainstream comedy that's going to try to be unoffensive, and have a heartwarming third act, this just does not look good.
In Bruce Almighty, they at least had a defined comic premise. Give Jim Carey God's powers, which he uses in selfish ways.
This one? Steve Carell is involuntarily forced into some magic contract where his appearance changes to that of a mythic character, including a beard he just can't shave off?
This sounds like The Santa Clause Gaiden to me.