While some people are excited for a Space Jam sequel, I want to point out that Space Jam already has a sequel, or at least a spin-off: Zombieland. The two films share a character in Bill Murray, making them take place in the same cinematic universe.
My theory is that because the Looney Tunes live underground, they were spared the ravages of the Zombie apocalypse, though I do like the idea of zombified versions of Taz and Speedy Gonzalez rushing around and speed-infecting people. Perhaps the Toons brought Murray underground, allowing him to survive on his own for years before returning to his mansion to encounter the characters from Zombieland. If you think about it, the cartoonish aspects of Zombieland fit in well with the elastic reality of Looney Tunes.
I hope that Space Jam 2 will pick up sometime after Zombieland, with Lebron and Bugs using basketball to take down zombie hordes.
