If there was a character who deserved more screen time and an in-depth look in Matt Reeves’ 2022 “The Batman,” it was Colin Farrell’s Oswald “Oz” Cobb (aka the Penguin). For once, Hollywood correctly recognized that there was a worthwhile narrative to explore there, putting a familiar yet intriguing anti-hero under the microscope, portrayed by a top-tier actor who’s proven many times he’s a force to be reckoned with in any lead role. HBO’s new DC spin-off series “The Penguin,” created by Lauren LeFranc, serves up a clever, multi-layered character study within the Batman universe that stands on its own and requires little previous knowledge to be captivating right from the beginning.

The story picks up after the events of “The Batman” to set up the status quo: Carmine Falcone (Mark Strong), the powerful and feared mob boss of Gotham, is dead, and the city’s underworld needs a new kingpin. Traditionally, the power should go to his son Alberto (Michael Zegen), even though his alcohol and drug problems barely make him the ideal candidate to rule the streets. But Oz, a good soldier in the Falcone Family machine, sees this as an opportunity to finally make his move and become the new crime king of Gotham. He knows the game inside out and has the brains to manipulate and trick his way to the throne. Though things don’t quite go according to his initial plans, he’s quick to improvise in every dangerous situation, starting with an incidental confrontation where he shoots Alberto dead and tries to cover his tracks.

As he attempts to dispose of the body, he catches a group of kids trying to steal his car and holds one of them at gunpoint to help him get rid of Alberto. His name is Victor Aguilar (Rhenzy Feliz), an orphaned street kid, who Oz essentially connects and bonds with by promising him a better and richer life. Victor is terrified but also mesmerized by the Penguin’s power and confidence, hanging onto his every word and hoping to become his right-hand man. He does as he’s told, and the two quickly find themselves caught in a war between the Falcones and the Maroni crime family, initiated by Oz in an attempt to watch them destroy each other while he comes out on top.

His sneaky plan, however, becomes much harder to execute when Falcone’s other child, Sofia (Cristin Milioti), turns up after spending a decade in Arkham for allegedly killing seven women and being declared mentally unstable. She knows Oz is up to no good — their relationship goes back since he used to be her driver — and suspects him to be the one who killed her brother. She just needs to find proof. Their rivalry beings over an unnerving dinner, giving way to an underworld drug war that’s paved by dead bodies, personal betrayals, and merciless psychological warfare.

If you find the plot of “The Penguin” awfully familiar to some of the greatest gangster movies like “Scarface” and “The Long Good Friday,” that’s no accident. In essence, Lauren LeFranc’s show is a traditional mobster epic that just happens to take place in Gotham, depicting the ambitious rise to power of a criminal underdog no one sees coming. Oz is a savvy hustler, with the background of a poor and dysfunctional Italian-American family, who grew up with a physical disability and a fascination for dangerous men in organized crime. Throughout his whole life, he was overlooked, belittled, and brushed over as a dumb underling, unworthy of achieving anything great.

“The Penguin” uses all that as the backbone of the series, utilizing and building upon Oz’s traumas, flaws, and his own distorted perception of himself that spark a relentless fire in him to never stop. There’s an emotional component rooted in the relationship with his mother (a fantastic Deirdre O’Connell) that other comic book adaptations wouldn’t necessarily give such a thorough observation. Here, however, that stands as a vital and powerful aspect to help us understand Oz’s fierceness and need for constant love and validation. No matter what it takes, how many lives it costs, or the number of lies he has to tell himself, Oz will achieve greatness to satisfy and make his mom proud — or at least die trying. The more we get to know him, the more we learn it’s a delusional need to justify his actions and his own greed, but it works to put him on top of Gotham.

Yet Oz wouldn’t be such a spectacle without Cristin Milioti’s Sofia Carmine who deals with similar obstacles from a different perspective. For her, it’s a lifetime of humiliation, gaslighting, and revenge that feeds the darkness in her to avenge her mother and prove to a family ruled by corrupt and smug men that she can’t be ignored or brushed aside. The two perfectly complete each other as damaged people thirsting for power.

When Colin Farrell and Cristin Milioti share the screen, they dominate every scene and amplify one another’s presence. The former with dedication and commitment to the titular character by paying close attention to every minuscule detail. He’s absolutely honed in on Oz’s accent, physical presence, and vicious and explosive nature, in a way that sometimes makes you wonder whether Farrell might be too good for this role. Milioti approaches Sofia from a different angle, embodying a heart-breaking vulnerability that gradually turns into a cold and fierce ruthlessness. She’s a force of nature, an equal partner to her co-star, and that’s on full display here.

Overall, “The Penguin” doesn’t reinvent the genre by any means, but it manages to grow beyond most comic book TV adaptations with a dark, violent, and grim portrayal that never aims to please everyone. It simply delivers a multifaceted character study without any unnecessary fan service, staying loyal to the well-written material and letting its potent characters dominate every step of the way. A show like this in the oversaturated landscape of today’s anti-heroes and villains is a rare gem that deserves to be celebrated.

“The Penguin” premieres on Max on September 19.