Hasta la vista, sacks of cash. At press time, several studios were vying for rights to Terminator 3, the follow-up to James Cameron’s 1991 Terminator 2: Judgment Day (which grossed $517 million worldwide). The price: reportedly upwards of $165 million, including unspecified millions to pay off debts of defunct Terminator studio Carolco, $5 million for director Jonathan Mostow, and—get this—$30 million for Arnold Schwarzenegger. ”It’s an aberration,” says former Fox head Bill Mechanic of the projected cost of T3, which aims to start production next spring. But does the once-mighty T-man still warrant that kind of dough? ”Terminator is one of the great franchises,” Mechanic says, ”and I can’t imagine making it without Arnold.” Just wait until the Edward Furlong contract negotiations get going.