What do you mean by 'certain things'? (Not in the loop on what may be happening with the IP drama-wise so kinda puzzled here).
But if they do decide to go with another IP, Grease is right there. Biff's car is already Greased Lightning and they can still have a school dance and have a couple of songs scattered along the cycle that would surely get a lot of people excited. Seems like Paramount is willing to work with Universal (though MPL may be a problem when it comes to the rights of the individual songs) so don't see why they wouldn't try it out.