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     Pre-Release 
Other WB/Turner/CN/HBO properties that will appear in the film

Before we begin, let's specify that any character owned by Warner Bros. Discovery could potentially appear in this movie. Here are the ones that fans are speculating about.

Black Hat is the Greater-Scope Villain of the movie.
  • I wouldn't be so sure about that. That show has, like, barely gotten attention from the studio.

Michael Jordan will make a surprise cameo to help the protagonists
  • Probably during the climax.
  • Alternatively, Jordan could be a Rogue Protagonist who will secretly be working AGAINST the Tune Squad.
    • Jossed because LeBron will help his son join the Tune Squad after reprogramming him.

The Goon Squad will be compared to the Nerdlucks
  • When the Goon Squad is introduced, we'll get a shot of the Nerdlucks as they yell "Posers!" while standing next to a sign saying "Haven't worked since '96!"
    • The Nerdlucks returned in "Teen Titans GO! see Space Jam" and they're nowhere to be seen in A New Legacy.
      • Actually, they DO appear during the big game but using archived footage.

Marvin's lack of appearance in the trailer is part of a deeper plot in the movie.
  • Considering Bugs is wearing his helmet, he doesn't show up with the group or on the stats chart, but does have a statue in a brief scene and also had an appearance in the teaser, his lack of appearance ties into something heavier.

There will be a reference to Big Chungus at some point.

The true identity of Al-G Rhythm…
…is a robotic suit piloted by none other than Pinky and the Brain in yet another attempt to Take Over the World.
  • …or it could be Pepé Le Pew, who wants vengeance against the Looney Tunes cast for censoring him, just as Chicken Boo wants revenge on the Warner siblings for kicking him out from the Animaniacs (2020) reboot. He's taken a level in badass and is no longer looking for romance; in the process, he's become a Tragic Villain because he just wants to be loved and be part of the Looney Tunes cast. He just doesn't understand why they would kick him out, and it's not his fault that the animators made him that way.
    • …or it could be Henry, his real identity from his first cartoon, who does understand why: He's fed up with the persona Warners forced on him ever since and refuses to come back until he's allowed to play his normal self again.
  • …or it could be Black Hat.
  • …or it could be the Loonatics, who want to get revenge on all of Warner Bros. after being the butt of one too many jokes over the years since their cancellation (with the disparaging jokes at their expense on Teen Titans Go!, New Looney Tunes, and Animaniacs coming to mind).
  • ..or it could be Bosko, the Talk-Ink Kid, who wants revenge on the Looney Tunes for stealing the series he helped build.
  • Jossed. Al is exactly who he says he is.

Dom wants to be a cartoonist, not a basketball player.
  • Jossed. He wants to be a video game designer.

Possible worlds the Tunes may be in

The Goon Squad are the actual players they represent but possessed
The first trailer shows LeBron's family at the big game despite not shown being sucked into the Server-verse. The Goon Squad could be the actual NBA/WBNA players sucked in and possessed by Al G to be his all-star team against the Tune Squad.
  • Well, the metallic dude looked a bit like Michael Jordan.
    • Confirmed in an interview; Damian Lillard (Chronos), Anthony Davis (The Brow), Nneka Ogwumike (Arachnneka), Diana Taurasi (White Mamba), and Klay Thompson (Wet-Fire).

Road Runner and/or Speedy Gonzalez will get a Quicksilver/The Flash/Sonic-style Bullet Time sequence
  • Sort of. Speedy DOES get a bullet-dodging scene in Matrix World, but the only one who gets a true speedster moment is Chronos, during which even Road Runner is frozen, rather annoyingly.

Daffy will play a much bigger part during the climax.
Multiple posters have Daffy in a Tune Squad uniform, but in the trailers, he's seen to be more their coach than an actual player. Perhaps during the climax is when Daffy finally wears the Tune Squad jersey to help out LeBron and the other Tunes defeat the Goon Squad.
  • Building on that: the second trailer has Daffy saying they need "a secret weapon" and Bugs saying that they're "going out Looney". Since Daffy is arguably the looniest of them all, it's possible that HE could end up being that secret weapon.
    • Jossed, He's still their coach until the game is won and the entire gang is "going out Looney".

Al-G Rhythm already deleted the other Tunes...
The remaining Tunes (Bugs, Daffy, Lola, etc.) will have to defeat the Goon Squad to revive their colleagues. This could explain Marvin's aforementioned absence in the trailers - he was one of the victims of the Tune purge. Another victim? Pepe Le Pew, the film will be Lampshade Hanging his "cancellation".
  • Jossed, Al-G said during the game that all of the Tunes will be deleted

Al-G Rhythm wants to delete the Tunes because he sees them as old-fashioned
He calls them rejects in the first trailer when he has LeBron sent to the Looney Tunes world. Then in another trailer, he says he will delete all Tunes if he wins the game. Why get rid of long-existing and beloved icons like Bugs Bunny? It's simple, he wants to make room for what he sees as new, relevant, and fresh entertainment.
  • This must be why we see several characters take up residence in other Warner Bros. properties because they're all so hot and profitable.
  • He does refer to them as 'old news' and 'washed up' before the climax, but that's about it.
  • I think it's more meta-commentary on what has been very apparent over the last few decades that despite the Looney Tunes being 'the' Warner Bros. cartoons, they have been greatly surpassed in productions by the various DC and Hanna-Barbera properties. Looney Tune's diehards sometimes like to ignore this but it should be paid attention to WB's new shop isn't even stocking Looney Tunes merchandise now. They are carrying Scooby-Doo, Tom and Jerry, Animaniacs, and Rick and Morty stuff though while the Looney stuff went to a separate site.

The Goon Squad played against Al-G Rhythm and lost thus why they have to play for him against Lebron James and the Toon Squad.
Le Bron James is not the first to play against Al-G Rhythm, he lured them thereby holding whatever they held dear hostage just like Lebron Jame's son is held hostage for him to have to win back from Al-G Rhythm and they had to play for the fate of not only whatever was dear that was being held hostage, but also their freedom, they lost and as a result, Klay Thompson, Damian Lillard, Anthony Davis, and others became Al-G Rhythm's slaves the goon squad, Kalyn Thompson became Wet-Fire, Damian Lillard Chronos, Anthony Davis the Brow and the others became the remaining members of the Goon Squad. Since they are Al-G Rhythm's slaves they have no choice but to play for Al-G Rhythm as his team against LeBron James and the Tune Squad's team.
  • Jossed. They were created by Al-G and LeBron's son for the game.

     Post-Release 
Bugs didn't know if he would survive the move that caused the game to freeze.
  • Nothing about how Bugs Bunny acted when he completed the move made it seem like he knew he would survive it.
  • He looked super nervous while completing the move.
  • All of the other Tunes were worried about him; for they didn't know if he would survive it or not either.

This leads into Fridge Horror territory, but the Bugs Bunny we had during the film DID get deleted at the end.
  • The Bugs Bunny we knew was deleted, but Warner Bros. had original blueprints for him and reprogrammed him back into their server. The Fridge Horror comes into play because this would mean the Bugs Bunny we knew is gone for good, and the one at the end of the film is Bugs's copy with his memories, emotions, feelings, and characteristics.
    • Which itself leads to the philosophical question of how much an exact recreation of someone should be considered to actually be that same person.
    • Have you heard of the Theseus' Ship Paradox?

They are not the same Looney Tunes from the first movie
There are multiple versions of the Looney Tunes characters. The Space Jam 2 Tunes can meet their Space Jam 1 counterparts.

Lebron's world isn't the real world
Lebron James and Michael Jordon's families look NOTHING like the ones in real life. What 'Bron and Michael don't realize is that they are fictionalized versions of the actual celebrities. They are in cyberspace within cyberspace.

The Server-verse is an advanced Portal Network and the planets seen in it are portals in the shape of planets.

     Sequel Theories 
Possible Ideas for what might be happening in Space Jam 3
Well, since there may be a three-quel film of Space Jam 3, there are a few possibilities for Space Jam 3.
  • The Tune Squad joining a wrestling team.
  • Warner Bros. facing some consequences for the events of the last movie.
    • In fact, this will start as the basic premise. Thanks to Al G's little stunt, they'll be dealing with a massive lawsuit, hounded by the news press and social media, met with angry protests outside their gates, and facing severe backlash from their numerous fans.
  • Al G. Rhythm coming back for revenge.
  • All worlds listed above that weren't seen in the last film making an appearance.

The true identity of Al-G Rhythm will be revealed and it…
…is a robotic suit piloted by none other than Pinky and the Brain in yet another attempt to Take Over the World.
  • …or it could be Pepé Le Pew, who wants vengeance against the Looney Tunes cast for censoring him, just as Chicken Boo wants revenge on the Warner siblings for kicking him out from the Animaniacs (2020) reboot. He's taken a level in badass and is no longer looking for romance; in the process, he's become a Tragic Villain because he just wants to be loved and be part of the Looney Tunes cast. He just doesn't understand why they would kick him out, and it's not his fault that the animators made him that way.
    • …or it could be Henry, his real identity from his first cartoon, who does understand why: He's fed up with the persona Warners forced on him ever since and refuses to come back until he's allowed to play his normal self again.
  • …or it could be Black Hat.
  • …or it could be the Loonatics, who want to get revenge on all of Warner Bros. after being the butt of one too many jokes over the years since their cancellation (with the disparaging jokes at their expense on Teen Titans Go!, New Looney Tunes, and Animaniacs coming to mind).
  • ...or it could be Bosko, the Talk-Ink Kid, who wants revenge on the Looney Tunes for stealing the series he helped build.
  • ...or it could be The characters from The LEGO Movie, who want revenge on all of Warner Bros. for being ignored following their second film's Box Office Bomb and having their film franchise being sold to Universal Pictures.
  • ...or it could be The Cartoon Network villains.
  • ...or it could be Johnny Test who, after years of getting milked by CN only to be tossed aside due to a lawsuit, is out for revenge against Warner Bros.
  • ...or it could be Scrappy-Doo himself, as a scheme to get back at the haters and WB for being neglected and made the butt of jokes at his expense for years.
  • ...or it could be the Go versions of the Teen Titans.
  • ...or it could be The Manipulators, angry with the Nothing's failure to erase Fantasia, have decided to get revenge on all of Warner Bros. and want to destroy the entire Serververse for good.
  • ...or it could be Dimentio himself.

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