Basically small town short skinny whiter than white unpopular kid Micheal J Fox takes on the physical attributes, charisma and sexual prowess of a stereotypical black man by becoming a wolfman, he sets about becoming the most popular kid in school, winning the hottest girl at school, changing his bad basketball skills into great skills, becoming the star player and winning games for his high school basketball team. But by doing all this he makes his closet white friends jealous of him and intimidates the alpha males of school who are jealous of his skills on the basketball court and fear him stealing their girlfriends with his superior animalistic sexual powers. In the end he decides he is happy being the short skinny white kid, forgets the hot girl and goes for the plain Jane girl who cares for him, stops using the wolf to get popularity and win games at basketball instead he plays as a team and his school basketball team win not by a showboating supernatural star player but by fundamental basketball. In other words its ok to by white.
Much like the Rocky franchise in the 80's and others TeenWolf was designed to make White people feel better about themselves when having to compete with Black stereotypes, culture, Athleticism and sexuality.
I watched ten minutes of it on TV once and that was all I could take. Saw nothing with the least bit of racial overtones in that time. If you are going to micro-examine old movies for this purpose at least choose something worth watching.