“The near future.”

Those are the words that flash on stage before the latest star-studded adaptation of Othello, now playing at the Ethel Barrymore Theatre on Broadway. But I’m still not entirely sure why. Don’t miss my meaning: There’s nothing wrong with updating a Shakespeare classic from over 500 years ago to reflect modern times and sensibilities. But if you’re going to do it — then do it! Director Kenny Leon’s new production, however, seems caught between reverence for the original source material and a seemingly half-hearted attempt to renovate the setting around which the classic action revolves.

Of course, let’s be honest: Most people scrambling to get tickets to a show that recently broke the record for highest-grossing play in Broadway history are doing so for two reasons: Denzel Washington and Jake Gyllenhaal. To see two of the world’s finest thespians make a meal out of the all-too-easily manipulated military commander Othello and his scheming ensign Iago is too delicious an opportunity to pass up, and the duo are dynamic indeed.

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Washington’s vocal cadence has always been something akin to jazz — altering pace, inflection, and volume to keep other characters (and audience members) off balance. Those mannerisms expand here alongside Othello’s increasing jealousy as Iago’s deception begins to take hold. Watching the always dynamic actor yell, “Blood! Blood! Blood!” in a bitter rage is as impactful as you would imagine.

But this stage truly belongs to Gyllenhaal, who is fully invested from the jump. His franticly gesticulating Iago is a force of nature, and the Tony nominee (for 2021’a Sea Wall/A Life) showcases his character’s charm, cunning, and spite in equally emphatic measure. Other characters walk off the stage — Gyllenhaal’s Iago runs.

The rest of the cast holds their own up against the top-billed stars. As Othello’s doomed wife Desdemona, Molly Osbourne plays blissfully unaware of her entrapment until it is all too late. (This production cuts the character’s deathbed defense of her husband). Andrew Burnap (the easily manipulated Cassio) and Anthony Micheal Lopez (the even more easily manipulated Roderigo) both play their parts as chess pieces in Iago’s scheme with aplomb. But special note must be given to Kimber Elayne Sprawl, whose maidservant Emilia appropriately blends into the background — until bursting forth in fire-breathing fashion when her husband Iago has done more than she can bear.

Unfortunately, all these performances are a bit undermined by the somewhat confusing and inconsistent modern-day setting. Why is the action still set in Venice and Cyprus, with Iago being described by Cassio as a kind and honest Florentine — yet he has a United States flag patch on his army fatigues? Why is there so much stabbing and knife play still taking place in the 2020s? Beyond all the camouflage, sharp suits, and fashionable Desdemona ensembles, what is the point, really?

While Shakespeare is traditionally staged minimally, Derek McLane’s sparse scenic design of a few columns that move around in between scenes reflects a lack of commitment to the bit. And outside of a random case of Bud Light that appears at one point, there really is no era-change emphasis whatsoever. The result puts the production in something of a modernization no man’s land — neither then, nor now. At least the recent, updated Shakespeare production Romeo + Juliet — which had its own issues — served a fully formed vision, even if that vision included characters dry-humping oversized stuffed animals.

That’s too bad, because there are exciting and bold modernization opportunities that could have been explored via this timeless text. All of Iago’s expert manipulation brought to mind some similar antics we’ve witnessed in a certain Scottish castle of late. It may sound crazy, but is the evil ensign bending others to his will through careful calculation all that different than Boston Rob working the margins and skillfully convincing competitors to banish Bob the Drag Queen on The Traitors?

A Roundtable ceremony with Denzel and Jake? Count me in. Grade: B.