|Bad Boys III into motion, but the question remains: should they? That's a matter for some debate, but since Hollywood loves sequels, and money, it's almost a sure thing that it will happen sooner or later.
I really want to believe they'll do it right, especially after waiting this long, but there are a host of other franchises that have failed miserably in this area, so...
"Reboot" is a dirty word. There's no need to get all crazy, the formula from the first film worked & it's been 20 years at this point, so it hasn't worn thin. If anything, people have been given enough time to be ready for another dose, and the novelty of where these two were back then vs. doing these same characters where they are now is a draw in itself. Do not recast, do not reboot - get Will & Martin, and accept no substitutes.
Michael Bay has to do this film. Bad Boys is where he got his break, and there is another opportunity for the novelty factor in having him return to this franchise. Some moviegoers seek films for the stars, some for the writers, but many flock to projects from directors they trust. Again, if it ain't broke, don't fix it.
Remember "Reboot?" "Recast" is equally distasteful. There's no reason to leave out Captain Howard and Sydney Burnett (Joe Pantoliano and Gabrielle Union, respectively), the fans know them, the fans are invested in them, and I can't image - assuming the previous two points are in place - that they wouldn't both be totally down to get on board with this project. However, if you absolutely must move forward without them, do NOT recast. Write them both a sad story or whatever, and move on.
One area for improvement is antagonist. There's never been a known actor for the duo to face off against, and now that there is a history, and probably some excitement/buzz around this project, it shouldn't be too hard to secure one. Denzel seems like too obvious a choice - considering that writer David Guggenheim just recently worked with him on Safe House - but somebody out there with the name recognition and acting chops will be interested in this challenge... surprise us!