One version of Rocky V could have featured the post-boxing lives of both Balboa and Ivan Drago. Sylvester Stallone scored two major hits in 1985; Rambo: First Blood Part II and Rocky IV. The two sequels are emblematic of the decade in which they were produced, with both seeing Stallone's heroes going up against Soviet forces, in the ring and on the battlefield. Not only were the films huge box-offices hits, but they've also since become iconic in their own right.
Sadly, the subsequent installments of both franchises proved largely disappointing. Despite Rambo III briefly being the most expensive movie ever produced and featuring some well-mounted setpieces, it suffered from a threadbare story and flat characters. Rocky V saw the title boxer lose both his wealth and being forced to retire from boxing due to the impact his bout with Drago had on his health. The sequel proved to be a drab drama that largely failed to connect with audiences, though Stallone would later redeem the series with 2006's heartfelt Rocky Balboa.
Dolph Lundgren also became something of an instant icon as Ivan Drago, and it kicked off his long career as an action star. He eventually returned to the role with 2018's Creed 2, which revealed his reputation was ruined following his Rocky IV defeat. The sequel did a good job humanizing the monosyllabic villain, though one direction Stallone considered for Rocky V was a drama following the post-boxing lives of both Rocky and Drago.
Plot details on this alternate Rocky V are scant, but it supposedly would have seen Drago's post-Rocky IV life running parallel with Rocky's. Drago's story would have seen him - as was revealed in Creed 2 - essentially outcast following his defeat. The movie also would have depicted the two boxers dealing with the aftermath of the damage they both received in Rocky IV's main fight. This storyline is somewhat similiar to the eventual Rocky V, and it's likely some of Stallone's plans for this alternate version wound up on the final film.
It would have been kind of fascinating to see the contrast behind Rocky and Drago's post-boxing lives, and it sounds like Stallone planned a much grittier film following the glitz of Rocky IV. It's unknown if the two boxers would have met again during the story though, though it seems likely. It probably worked out for the best this alternate Rocky V didn't happen, as Creed 2's use of Drago made for a richer character arc.