I think most of us think of DOWN PERISCOPE as the moment in the 90s where our nation's thirst for the "submarine movie" peaked, having enjoyed THE HUNT FOR RED OCTOBER, CRIMSON TIDE, THE ABYSS... before beholding the Rob Schneider version.
The Rob Schneider version.
Conversely, you may also think of this as "the time Kelsey Grammer put out the feelers to see what his post-'Frasier Crane' stock might be worth."
If we were to examine DOWN PERISCOPE through that lens, I think we'd find that it is not typical of his actual post-FRASIER output: clearly he's found his new niche acting against type in the third installments of modern action franchises (X-MEN III: THE LAST STAND, THE EXPENDABLES 3).
Anyway, I've digressed from my original point, which is that DOWN PERISCOPE is indeed terrible, but that it contains performances by some of our finest character actors. There's a certain cognitive dissonance that expresses itself when you're watching Rip Torn:
William H. Macy:
doing their best to deliver peabrained jokes about bird shit and penis tattoos. Whew.