Professional wrestlers are soap opera characters, and just like the characters in the most scandalously addictive daytime soap operas of yesteryear, they are expendable. Sure, some are better at connecting with audiences than others, but writing teams are adept at elevating new talent and burying old on an as-needed basis. For an established franchise like WWE (or All My Children for O.G. soap opera fans), no character is more important than the show itself. Take Roman Reigns for example. Reigns has had a massively successful career in WWE. He is one of the most popular and accomplished characters in the history of the business. Let’s engage in a thought experiment where Reigns doesn’t pursue a career in professional wrestling. How would that have impacted the success of the industry? Well, probably not much at all, and that’s no slight on Reigns. WWE was a multi-billion-dollar business before he joined the company, and it will continue to be after his career ends. Much more important than a talented character like Reigns are factors outside of the ring like entering emerging markets, acquiring and cultivating talent (NXT etc.), and savvy promotional relationships. Reigns certainly deserves credit for playing his role effectively, but had he been a professional football player instead, the WWE creative team would’ve used a different character to tell an equally engaging story. Reigns–for all of his success–is just a cog in a machine, waiting to find out what is next in his character’s story.
For 99% of wrestlers who have stepped into a ring, success looks like it does for Roman Reigns. However, there are a select few whose contributions literally impact survivability. It’s quite possible that professional wrestling would still be a regional sideshow had Hulk Hogan’s popularity in the 80s not given Vince McMahon cover to consolidate talent under one umbrella and then package it to the masses via cable and pay-per-view (PPV). No character had more influence on professional wrestling’s appeal–or its flagship business–than Hogan. Although Hogan is largely responsible for professional wrestling’s grip on pop culture, there is another character whose impact reached outside the physical parameters of the wrestling ring, and that is none other than “Stone Cold” Steve Austin.
Austin was not destined to change the industry. He wasn’t anointed as the “chosen one” by a company president or ordained by birthright through family lineage. In fact, before Austin exclaimed his now legendary “Austin 3:16 says I just whooped your ass” salvo to Jake “The Snake” Roberts at the WWF King of the Ring pay-per-view in 1996, he was just another veteran name on a wrestling roster struggling to gain traction with fans. Providing the backdrop for Austin’s eventual transcendent impact on WWE was the fact that the company was in dire straits financially in the mid-90s. Hulk Hogan was not only long gone, but he was leading WCW–WWF’s emerging rival–to unprecedented success. With WWF (now WWE) no longer having a creative stranglehold on wrestling audiences, and years of legal disputes digging into its bottom line, the viability of WWF as a business was in serious doubt. In a development that seemed impossible to fathom just two years earlier, WCW rocketed past the WWF in popularity as evidenced by WCW Monday Nitro’s 83-week winning streak over WWE’s Monday Night Raw beginning in June of 1996. Success is often described as the intersection where opportunity meets preparation. With WWE barreling toward financial ruin, the opportunity to deeply impact the industry was at an all-time high. The only question was whether or not anyone on the WWF roster was prepared to meet the challenge. The answer, of course, was a “hell, yeah!”
After gaining traction from his King of the Ring promo in 1996, Austin cultivated his organic badass persona throughout 1997 and then elevated it to full-fledged superstardom in 1998. His impact on financials and ratings was so swift and deep that it spawned a whole new era: the Attitude Era. Austin headlined his first WrestleMania in 1998, garnering 730,000 PPV buys. Remarkably, it represented a threefold jump in buy rate from the previous year at WrestleMania 13. That number would jump to 800,000 in 1999, and after missing WrestleMania 2000 with an injury, Austin’s return in the main event slot at WrestleMania X-7 (2001) generated a monstrous 1,040,000 buys. Austin’s popularity boom in 1998 surged Monday Night Raw ahead of Monday Nitro in the ratings. After 83 consecutive head-to-head losses on Monday night, Raw finally edged past Nitro to break the streak in April of 1998. Behind Austin, Raw regained its hold on Monday nights and, starting on November 2, 1998, it defeated Nitro for 119 consecutive weeks until WCW was forced to sell to Vince McMahon on March 26, 2001.
With Stone Cold Steve Austin driving record television ratings, PPV buys, and merchandise sales, Vince McMahon’s WWE went from the brink of bankruptcy to dispatching and acquiring its only remaining rival, clearing the way for it to become the global entertainment juggernaut it is today. WWE’s revenue in 1997 was just $81.9 million–far below the peak of Hulkamania–and by 2001 it had skyrocketed to $ 438.1 million. Austin had impacted business fivefold in just four years. Revenue would dip following his retirement in 2003, but with no competition in sight, the runway was cleared for the final act of the plan that McMahon hatched two decades earlier behind the star power of Hulk Hogan.
Many wrestlers get over with the crowd and secure memorable legacies while doing so. Defining “greatness” in this regard is quite subjective. Take a comparison between talents like Ravishing Rick Rude and Mr. Perfect, for example. There is a lot to consider. How did they make the audience feel? How were they on the mic? Who had better entrance music, ring attire, and finishers? These are the normal questions to consider when putting together a list of the GOAT wrestlers. With Austin (and Hogan), the conversation takes place on a whole different level. Austin didn’t just make audiences feel something, he did it so profoundly and did it at such an important time that it rescued a company that is valued north of $8 billion (as of 2025) from the brink of irrelevance. Whereas Hogan created wrestling as we know it today, Austin saved wrestling as we know it today.