Alan Pakula’s pedestrian 1976 recap of Watergate is a study in missed opportunities. The opening of the film, with Woodward (Robert Redford) and Bernstein (Dustin Hoffman) first stumbling over the story, is involving and sometimes exciting, but from then on it degenerates into confusion and repetition. The arch “realism” works against the film, with screenwriter William Goldman (Butch Cassidy and the Sundance Kid) apparently unwilling or unable to impose any dramatic shape on the material. PG, 138 min.