The main problem with wcw was always that they never knew how to create characters.They just took stupid gimmicks like hugh morus for humorous, or captain e. rection, max muscle because he has big muscles and threw the wrestlers in the ring.They never created an aura around the characters.
WWF was always great at creating an aura around characters through vignettes, a real past to the characters,interviews by jim ross and wwf slowly put the wrestlers over with the crowd before giving them intercontinental title shots and then if they have star power they would get world title shots.Apart from sting and a few others, WCW was mainly unable to create fan captivating characters.
They compensated by giving 2 million to 4 millions dollars a year contracts to big name wwf stars like hogan, savage,nash,hall,hart.Those former wwf stars formed the leadership of nwo at first.The wcw ring was also too small for men with gigantic frames and for technical guys like hart.Most of bret's matches in wwf are great to watch.But most of his matches in wcw are painful to watch.Wcw brought bret hart and british bulldog to give a lethal blow to wwf programming.When they realised they failed they did'nt know what to do with hart, bulldog and turned neidhart into a jobber. WCW management also lacked a real leader .
Like savage said"too many indians and no chief ooooooooooooh yeaaaaaaaaaah".Ted turner only saw wcw as an investment.He did'nt knew much about rasslin.When the company was no longer profitable they made all the wrong decisions they could possibly make and wcw sinked faster tan the titanic ship.The only one to come out as a winner out of this sad ending is hogan as usual.He was able in wcw to succesfully evolve baby face character hulk hogan into evil heel character hollywood hogan while at the same time earning the maximum amount of money out of pro wrestling that a pro wrestler could ever dream of earning!!!!!!!!!!!!!! and all this whilst doing crappy z movies along the way.