BuddyPress.org

I’m just delving into this more deeply, so perhaps I am missing something.

But, it still seems to be done the same way as in the past. Each BP component checks to make sure it is running the most current version by comparing against the defined constant bp-[xxx]-db-version. If an older version, then the install function runs again doing whatever is necessary.

I believe you’re already doing this with your plugin.