“It’s Only a Play,” a comedy by Terrence McNally, opened at Old Academy Players this weekend. But it is up to the actors to keep you laughing, because the play does not expand beyond its initial, dramatic premise.

That premise is simple: A new play, “The Golden Egg,” has just premiered at the Ethel Barrymore Theater. You hear distant strains of the post-show party bash, but never see it. Instead, you are drawn into the smaller, worried world of the theater people who were actually involved in the show’s production.

They seek refuge from party hoopla inside the showy Manhattan quarters of producer Julia Budder. Each brings a distinct giddiness onto the stage as they await the media’s critical response. You understand theatrical careers are at stake, but there are no story complications beyond this angst-ridden setup.

At first, there is a hint of drama. Peter Austin (Dan Crozier) is a dreamy playwright who once wrote “Flashes,” a hit play nine years earlier, which catapulted his actor friend, James Wicker (Ross Druker), to Hollywood stardom. Supercilious Wicker now returns to Broadway, in the sly hope that his friend’s new play will flop because it does not star him.

Nothing comes of this nugatory plot. As theater people gather, one by one, there is no significant interplay between characters. Each one cavorts in over-the-top cameos. The play turns into a de facto comedy revue, as a range of stock theater types act out quirky urgencies in static isolation.

Old Academy director Sarah Labov is undeterred. Deeply involved in all aspects of the production, she designed the light and sound system. Behind closed glass French doors, you hear strains of Ethel Merman’s “There’s No Business Like Show Business,” and the distant, muffled merrymaking of Broadway A-listers.

Labov’s set design, too, holds you captive. The producer’s quarters glow in a lording, unrestful way. An emblazoned heraldic design commands the rear wall. Up high, a ceiling chandelier reigns like a queen over plush furnishings, decked out in white with golden accents. (Was Labov influenced by Mar-a-Lago decor?)

Cast members attack stock theater characters with gusto, and the costume design of Helga Krauss accents their eccentricity. Rumbled Sir Frank Finger (Eric Rupp) is a star British director, who passionately wishes his American directorial debut will flop. It makes no sense, until a psychotic breakdown clears up his motivation.

Michele King is refreshing as Virginia Noyes, the star performer in “The Golden Egg,” on the run from Hollywood with an ankle monitor and a sloppy purse full of uppers and downers. Sam Gugino shines as Ira Crew, a malicious, no-talent theater critic with a drawer full of trashy plays. (When not in the limelight, Gugino still makes you feel Ira’s envious yearning to be on stage.)

Gus P. Head (Joseph Peachey) is a star-struck kid who begs for the chance to perform. Producer Julia Budder (Susan Cantone) has no feel for artistic worth, but struts about with imposing presence, to flaunt her money and power, and to revel in attention.

Terrence McNally was a celebrated comedy writer and winner of multiple awards, culminating in a Lifetime Achievement Tony in 2019. “It’s Only a Play” opened off-Broadway in 1982 but did not reach Broadway until 2014. It is ironic that a play in which theater folks worry about their Broadway reception had, itself, received such a tame one.

You understand why. What is playwright McNally trying to say here? The play ends with a nearly formal argument: theater folks have the pluck to keep trying. But if “It’s Only a Play” is a love letter to theater, it is a poisoned pen one, at odds with McNally’s comical mocking of everyone in the undertaking.

Old Academy Players is located at 3544 Indian Queen Lane. “It’s Only a Play” will run through Nov 23. Tickets available at 215-843-1109.