Unfortunately, Colbert's agent nipped the idea in the bud. According to Lockwood, he didn't even show the artwork to his client. Blizzard and Upper Deck presumably had hoped Colbert would feature the card on his show, giving them mega-publicity. An unknown individual leaked the image onto the net a few weeks ago, and WoW and Colbert fans excitedly spread it around in both card and wallpaper forms.
Even though Colbear never saw the light of day, his legend nevertheless strikes fear in the hearts of those who would threaten the Colbear Nation. So watch out Kael'Thas, watch out Archimonde! But most of all: watch out, bears.