“Red One” has some clever ideas.

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.

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.

Santa, portrayed by J. K. Simmons, and his reindeer are ready to roll in a scene from “Red One.” (Courtesy of Amazon Content Services)

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.

Giant snowmen become a problem for the heroes of “Red One” in one action-heavy sequence. (Courtesy of Amazon Content Services)

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.

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.

(“Red One” contains action, some violence and language)

“RED ONE”

Rated PG-13. At the Landmark Kendall Square Cinema, AMC Boston Common, South Bay Center, Causeway, Alamo Drafthouse Seaport and suburban theaters

Grade: C-