Whatever you think about Michael Bay, the first Bad Boys movie is really good fun. The second is everything that's right and wrong with the director. Superb set-pieces... that become repetitive and a bloated running time.
That said, Bay has been replaced by the excellent Joe Carnahan for Bad Boys 3. Carnahan directed the underrated A-Team movie but also the brilliant NARC. He was attached to Mission Impossible 3 at one point before making way for JJ Abrams when his version was seen as too dark.
Anyhow, Smith was in fine amiable form on Jimmy Kimmel last night and offered an update on the sequel.
If it shot in March it'd be at least mid-2018 before we got to see it. Honestly, it's better than another Men in Black anyway.