There might be a few minor changes, but the major players were always identifiable, reenacting a 1980s morality play about dismissing the homoerotic other.
They punish him by smearing Ben Gay on his dong -- but of course, to do that they have to touch his dong.
Since the teen nerd is constantly accused of being gay, he must constantly police his arguably romantic relationship with his flamboyantly feminine best buddy. In Better Off Dead (1985), nerd Lane (John Cusack) and buddy Charles (Curtis Armstrong) are sitting together at a dance, when a jock jokes, "You've got my vote for the cutest couple." Charles starts laughing hysterically; in the next scene, later that night, he is still laughing. Then he vanishes from the movie. Clearly the jock has hit a sensitive nerve.
One Crazy Summer (1986) is a rare example of a positive gay-coded character. Visiting Nantucket for the summer, Hoops (John Cusack) meets Ack Ack (Curtis Armstrong), a sensitive, poetic, nonviolent boy who can't abide the militaristic career his father and brothers have planned for him. They become friends, but not best friends; instead, they form a buddy quartet with twin brothers, Egg (Bobcat Goldthwait) and Clay (gay actor Tom Villard).
See also: 12 Forgotten Beefcake Boys of the 1980s