Looking for an 80's beach comedy. Help please.

So this movie is real early 80's, I can tell by the clothes(John Stockton shorts) it takes place in Ft. Lauderdale on Spring Break. There are two pairs of guys who rent the same hotel room, two are jocks and two are geeks. The four ofthem get along and end up haning out. The two geeks had blonde bowl cuts, of the other two one had a mullet and the other had a normal cut but wore a hat. I remember they did some competitions and the dude with the hat won the Cannonball. One of the geeks' father showed up on his yacht and he might have been cheating on his wife, but I recall the kids burned his yacht accidentally.

Does this sound familiar to anyone???