How bad is it? It's a poor sequel.
Should you see it? No.
The first "Cage" film was not too shabby, but this sequel was a bad idea. Lou Ferrigno plays a huge guy who got brain damaged in the Vietnam War and who fights in the underground circuit. Lou gets kidnapped and told that his friend from the first film, Reb Brown, has been killed and he now has to fight in cage matches. He sees no way out until there's a plan to win his freedom by betting on a match. Meanwhile, his friend seeks for him. There's a love interest (Bruce Lee's daughter), a rocket launcher blowing a helicopter out of the sky, a shootout with the FBI, some very barbaric fighting and a truly terrible ending.