Will Ferrell has come a long way since being voted one of the worst cast members ever to grace “Saturday Night Live.” With movies like Old School and Austin Powers Ferrell excelled as part of an ensemble cast, but those movies are nothing compared to the success he’s found as a leading man in comedies like Anchorman, Elf, and Talledega Nights.

Most of Ferrell’s leading roles have gotten their laughs through one-shot type humor. They are made up of the kinds of gags that could wear thin quickly, although Ferrell seems to know where to draw the line, making sure the films don’t overuse the gag, staying on the right side of funny.

Ferrell continues to draw that line. While promoting his current film, Stranger Than Fiction, Ferrell told the British paper The Guardian that he has turned down a $29 million dollar offer to make a sequel to Elf and that he would “never be behind” a sequel to frat-comedy Old School.

Both sequels had already made buzz just being mentioned, but will either one happen without Ferrell attached? His non-involvement totally kills the idea of Elf 2 for me – without Ferrell there’s just no point. Old School Dos (the Dreamworks’ announced title for the Old School sequel) could exist without Frank the Tank, but would it be as interesting?

We all know sequels can be made without the original cast. If there’s any doubt just look at 2 Fast 2 Furious or the upcoming Van Wilder 2: The Rise of Taj. Typically those sequels are the kind that lose money, however, or discourage fans from any further interest in the franchise. If the studios are smart they’ll follow Ferrell’s lead and keep trying for new laughs, not just returning to the same gags for a second helping.