I think the huge thing to take away from this is the story that's being built up.
If Colbert doesn't take the role, if it were offered to him, then he wins. He will have built it up so much if it gets to that point, and then spin it and end up blaming somebody at Warner Bros. for "not getting the role" and he will have it be just another part of his bit.
If he takes a role like that, expectations would be so very high that he'd never live up to them, regardless of how well he would play the Riddler.
Best thing for him to do is juice this ripe rumor for all its worth and then spin it into an on-going joke that he can tap into later.
Plus, his hands are full with Tek Jansen :)
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