The premise of “Rumor Has It …” is intriguing — that “The Graduate” in both novel and film form was a thinly disguised true story in which the names were changed to protect the guilty. But the way this troubled production plays out, the promise of the idea is never realized.

The screenplay was written by T.G. Griffin, who started out directing the picture. But he was removed in favor of veteran Rob Reiner. The result is a competently assembled film, but one which doesn’t flow as well as it should.

It isn’t just the directorial change that makes “Rumor Has It …” as much an exercise in queasiness as it is in laughs.

Set in 1997, the film revisits the two primary players in “The Graduate” saga: young Benjamin Braddock and the seductive Mrs. Robinson.

Benjamin’s real name is Beau Burroughs (Kevin Costner), and he’s now a San Francisco Internet millionaire. Mrs. Robinson, whose real name is Katherine Richelieu (Shirley MacLaine), is still comfortably ensconced in Pasadena, where she is a hard-drinking, tart-mouthed doyenne of the old money set.

The revisitation comes about because of Katherine’s granddaughter, Sarah Huttinger (Jennifer Aniston), a 30-year-old who has come home for her sister’s wedding with her fiance Jeff (Mark Ruffalo) in tow. Terrified at the prospect of marriage, Sarah begins exploring the family background, figures out “The Graduate” connection and sets about trying to find Beau, who she thinks is her dad.

Being an obit writer for the New York Times pays off for her. She gets into an Internet conference where Beau’s one of the stars, meets him and they talk. Almost immediately after she finds out that Beau isn’t her father, Sarah’s in bed with him, becoming the third generation of her family with whom he has slept.

But this isn’t a romance that’s going to work, especially after his son turns up, and cheating with a man her parents’ age isn’t going to do much good for Sarah’s engagement.

While the central story is a little on the icky side — and Aniston has yet to fulfill her movie star potential — “Rumor Has It …” does have its moments. They’re almost all contributed by MacLaine, who is bitingly boozy and bawdy, and by Costner, who is at his most charming in a rare supporting role in which he doesn’t attempt to chew up the scenery. Also fun is Kathy Bates, who is uncredited, playing Sarah’s mother’s drunken best friend.

There is some amusement value in seeing how “The Graduate” story is interwoven into Griffin’s screenplay. But “Rumor Has It …” had far more potential than is delivered on screen.

At least they didn’t try to make this a serious sequel to one of the best movies of all time.

Reach L. Kent Wolgamott at 473-7244 or kwolgamott@journalstar.com.

Rumor Has It…

** (out of four

Director: Rob Reiner

Stars: Jennifer Aniston, Shirley MacLaine, Kevin Costner, Mark Ruffalo

Rated: PG-13 (for sex and drug references, profanity)

Now showing: Edgewood, Grand

The reel story: Aniston plays a young woman who discovers her family’s connection to “The Graduate” in this comedy that tries to link to the famed film but is disappointing.