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It’s not clear whether he means various ages (both he and co-star Keanu Reeves have aged well enough to mostly pull it off) or different realities (time travel futures, after all…), but it’s a bit of an elaboration on what we already knew.
Here’s they key quote from an interview with Yahoo! Movies:
“[Bill and Ted] will be 40-something and it’s all about Bill and Ted grown up, or not grown up,” Winter tells us. “It’s really sweet and really f—ing funny.
“But it’s a Bill & Ted movie, that’s what it is. It’s for the fans of Bill & Ted. It fits very neatly in the [series]. It’s not going to feel like a reboot. The conceit is really funny: what if you’re middle-aged, haven’t really grown up and you’re supposed to have saved the world and maybe, just maybe, you kinda haven’t?”
“There’s many versions of ourselves in this movie,” he continues. “[It’s] answering the question: ‘What happened to these guys?’ They’re supposed to have done all this stuff, they weren’t the brightest bulbs on the tree, what happened 20 years later? To answer that question in a comedic way felt rich with possibility.”
The film isn’t going into production any time soon, though; Winter, in fact, laments that word of the sequel even got out, since it means the process has to take place while fans are expecting the movie sooner than later. With the collapse of Orion Pictures, the film’s rights situation is always tricky to navigate — as is finding funding for a sci-fi-flavored sequel to a 20-year-old franchise that grossed a combined $80 million over two movies at the domestic box office.