“Red One” has some clever ideas.

In theaters this week, the blend of action, comedy, adventure and fantasy is set in a world where Santa Claus is real. And, as is customary in Christmas stories, he does, in fact, deliver gifts to billions of homes around the world on the eve of the big holiday.

In “Red One,” however, he does so as the head of a military-like, magic-powered operation, one that prepares year-round so the night goes perfectly. (Well, the workers are off on Boxing Day.) For his part, Santa, played by J. K. Simmons, keeps in great shape, pumping iron and beginning to load up on carbs a few hours before the deliveries are to begin.

Again, clever.

It’s too bad clever ideas aren’t enough, as, after a promising start, the movie devolves into an increasingly bombastic and mind-numbing affair, one that, despite some moments, isn’t quite as funny as it needs to be.

That’s especially disappointing considering “Red One” — the code name for Santa — has the on-screen and behind-the-camera talent it needs to be more successful in stars Dwayne Johnson and Chris Evans and director Jake Kasdan.

The latter helmed 2017’s “Jumanji: Welcome to the Jungle” and its 2019 sequel, “Jumanji: The Next Level,” both of which feature Johnson and are more entertaining than “Red One.”

After introducing us to a younger version of Evans’ non-Santa believer, Jack O’Malley, on a Christmas Eve years ago, we catch up with him in the present day. Even naughtier now, the gifted hacker-for-hire with substantial gambling debts uses the power of distraction to pull off an important little heist, capping it off by literally taking candy from a baby.

Jack doesn’t know who has hired him for a well-paying gig or even what he’s been contracted to find, but it turns out it’s an ancient witch named Gryla (Kiernan Shipka, “Totally Killer”) and Santa’s magically cloaked arctic complex, respectively.

After Santa — whom we meet working a mall shift in Philadelphia, where he is protected diligently by Johnson’s hyper-vigilant Callum Drift, head of North Pole security — goes missing, an extremely confused Jack becomes a person of interest in the investigation.

The effort to recover Red One, aka “Nick,” is a co-venture by Callum’s ELF (Enforcement Logistics and Fortification) and M.O.R.A. (Mythological Oversight and Restoration Authority), headed up by the determined Zoe Harlow (Lucy Liu, “Charlie’s Angels”). The latter hires Jack to be their tracker, which sets him and Callum on a course that soon enough points to Gryla, who has a nefarious plan involving everyone who’s ever been on the Naughty List.

The buddy-cop energy generated by massive-and-muscly Johnson and former Captain America Evans, the Massachusetts native leaning into an East Coast accent, is mediocre stuff. It is relatively fun to watch Evans react to a previously unseen magic world — understandably, he flips out at the sight of the Headless Horseman, one of the “usual suspects” Zoe has brought in for questioning — but only for a little while.

Plus, a subplot involving Jack’s hands-off approach with his son, Dylan (Wesley Kimmel, “WandaVision”), isn’t given the time it needs to be impactful.

“Red One” becomes bogged down in its bloated middle by an encounter Jack and Callum have with Krampus (Kristofer Hivju, “Game of Thrones”), Santa’s estranged and powerful brother, and the climactic confrontation with Gryla is nothing you haven’t seen before.

Overall, the action peppered throughout the flick is the over-the-top-but-forgettable variety, an issue not helped by a reliance on computer-generated effects that leave a bit to be desired.

The affair is penned by one of its producers, Chris Morgan, a longtime contributor to the hugely successful “Fast and Furious” franchise, so it’s not surprising it reminds us of a couple of that series’ more frustrating entries. (That’s right — we’re throwing shade at you, 2017’s “The Fate of the Furious” and last year’s “Fast X.”)

The story, meanwhile, is credited to Johnson associate Hiram Garcia, who also serves as a producer.

Regardless of who’s responsible for them, there are some laugh-worthy lines and ideas — such that one of the veteran workers at the North Pole, “Phil in Ribbons,” has been stressing everyone out of late — but those only go so far.

Plus, some of the better jokes fall a little flat with Kasdan holding the reins, which is a bit unexpected, although his pre-”Jumanji” resume isn’t overwhelmingly impressive. (We’ll hope for a return to form with a recently announced “Jumanji” entry slated for December 2026, with Kasdan and the main cast members expected to return.)

The biggest problem with “Red One” may be its well-earned PG-13 rating. Arguably, this is a movie not meaty enough for grown-ups and not appropriate for younger children. There’s a zany, family-friendly version that makes sense and a much edgier incarnation that could become a holiday tradition for parents after the kids have been put to bed.

What we get instead is akin to unwrapping a sweater that, while not exactly ugly, we’re likely to wear only once before putting it in a drawer and forgetting about it.

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‘RED ONE’

2 stars (out of 4)

MPA rating: PG-13 (for action, some violence, and language)

Running time: 2:03

How to watch: In theaters Nov. 15

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