The Skulls II (2002) on Netflix

Sequel to The Skulls has another underachieving college student, Ryan Sommers, and his friend, Jeff Colby, who are tapped to become members of the mysterious secret society "The Skulls" at the urging of Ryan's older brother Gregg, who is already a member. But when Ryan witnesses the murder of a local college girl by another member of the society and it's covered up to look like an accident, Ryan risks his life and freedom in an attempt to expose the truth and in so doing, finds himself in way-over-his-head trouble where no one, not even his best friends, his girlfriend Ali, or his enemies can be trusted when they put some blackmail leverage on Ryan to keep him quiet about the incident.