See, Santa's in financial trouble (so much for being magic). The elves complain that the main reason he's in such a debt hole is because he gives too many toys away--he's way too lenient on his Naughty List. The elves hold the list up for a second for the viewers to catch a quick gag...the only name on the list is Bob Packwood. Get it?

Er.....Bob Packwood was an Oregon senator who resigned under allegations of sexual harrassment that proved true. This reference wouldn't have survived past 1995.

One elf, who has dreams of making it big as a songwriter/electric guitar strummer, vows to save Santa's workshop by leaving to chase his dreams, then coming back with truckloads of cash. He only has one song, "Jingle Bell Rock," and he has trouble making it out there until he meets a singing diva redhead who agrees to sing the tune onstage. That happens, the plot goes on from there, and the elf doesn't quite become a millionaire but he does save the workshop.

Why didn't it fit in?
Besides the reason that brought most of the listed specials here, ABC only ran Jingle Bell Rock once. They also ran it after a repeat of the Family Matters episode where Urkel and Laura see each other naked. It was almost unfair.