Speedo film in AZ (ARIZONA)

[sebbie]

Dangerfield as Thorton Melon also wore red but obviously not a Speedo
Jason Melon wore a red Speedo in many scenes involving competitive diving.
Red was a school color.
The divres from the school were competiong in red Speedos.

Campus man is a different movie from about the same time , also has a guy wearing Speedos, tho I don't recall the color.