The star, also known as The Rock, recorded a video message after finding out that Baywatch had won a specially-created The Razzie Nominee So Bad You Loved It prize.
In a video shared on Twitter, he said: “I was just informed that I, too, am bringing home the gold tonight.
“No, not an Oscar, maybe one day, but a Razzie.”
He added: “Here’s the cool thing: The movie was so bad they actually had to create another category.
“The new category is a movie so rotten, you eventually fell in love with it, which means the s**t sandwich you have been eating is so bad that you eventually started to like it. We made Baywatch with the best of intentions, it didn’t work out like that.
“I humbly and graciously accept my Razzie and I thank you critics, fans and at the end of the day, a movie so rotten you fall in love with it, that’s just the way love goes.
“Go Baywatch. Thank you for my Razzie. Give it to me.”
Baywatch was notoriously slated by the critics, but scored better with audiences.
Johnson and co-star Zac Efron both went on to do much better with other huge hits over Christmas: Johnson was in Jumanji, and Efron in The Greatest Showman.
Other Razzies winners included Fifty Shades Darker, The Emoji Movie and The Mummy.
The Oscars, meanwhile, are taking place tonight.