I'm gonna steal my roommates' idea: the sequel opens with Johnny Utah standing on a beach in New Zealand. He looks down in the water and sees the Ronald Reagan mask wash up on shore. Then he looks up. And there's Bodhi. "Remember when I told you I was gonna paddle to New Zealand?" he tells Utah. "Well, I made it." Then they drive across the country trying to lose their virginity.
Of course, the Bodhi role is going to have to be patched together using CGI and clips from other Patrick Swayze movies, but I still think it could work.