GQ conducted an interview with Keanu Reeves who was pretty candid about the story details for the third as yet Untitled Bill & Ted Project.
Original "Bill and Ted's Excellent Adventure" scribes Chris Matheson and Ed Solomon wrote the script for a third film in the series on spec. Rather than a remake or reboot the film is a sequel exploring where Ted Theodore Logan and Bill S. Preston, Esq. (Reeves and Alex Winter) are today 20 years after Bill & Ted's Bogus Journey.
Reeves says: "One of the plot points is that these two people have been crushed by the responsibility of having to write the greatest song ever written and to change the world. And they haven't done it. So everybody is kind of like: "Where is the song?" The guys have just drifted off into esoterica and lost their rock.And we go on this expedition, go into the future to find out if we wrote the song, and one future "us" refuses to tell us, and another future "us" blames us for their lives because we didn't write the song, so they're living this terrible life. In one version we're in jail; in another we're at some kind of highway motel and they hate us."
Last week we got word that Dean Parisot ("Galaxy Quest") had been attached to direct the film--with funding the big hang up.