Armstrong and Phillips wrote "Old School" and Phillips directed the film. That will also be the arrangement with the sequel.
Will Ferrell, Vince Vaughn and Luke Wilson starred in the original movie as three buddies who get to relive their college days when they start their own fraternity. The 2003 comedy did $17 million in business during its opening weekend and went on to earn $74 million (the budget was about $24 million), no doubt making the decision to do a sequel a no-brainer.
The storyline and cast for "Old School 2" have not yet been announced.