20th Century Fox thought they could further cash in on the "Revenge of the Nerds" movie franchise by developing a TV series based on the movies. Nice idea, but it went over about as well as a bug on a windshield. That is to say, not at all.
The third "Nerds" movie was a year away when this pilot aired on Fox. The only familiar name in the cast is former child star Robbie Rist (ex-The Brady Bunch, Kidd Video, Big John-Little John), who would've fit right in----had this been made after the first movie. In truth, instead of continuing the story of the boys of Lambda Lambda Lambda, this is more of a compressed remake of the first film. Maybe that's why it failed.....
Original "Nerds" co-stars Robert Carradine (later of Lizzie McGuire) and Curtis Armstrong (Moonlighting) were reunited for a 3-season reality game for TBS, King of the Nerds (2013-5), but Fox couldn't be bothered to inquire about their availability for this pilot, which might've saved it from ruin.