The back bone of wcw really was Sting and Ric Flair. However when Hulk Hogan joined wcw it instantly became him with one difference - Hulk Hogan wasn't so much a backbone but rather an injection of steroids (no pun intended on the Hulkster) that was good for the look on the outside but horrible for the insides of the company.
If you look at the time line of wcw from just before he arrived to the time he left WCW for good at bash at the beach 2000 you see just how much draw power that guy had love him, hate him, never heard of him doesn't matter.
1993 - early 1994 (B.HH) Half arena crowds with the audience grouped to one side for the cameras but cool stars like Cactus Jack, Vader, Dustin Rhodes, the Guardian Angel, Johnny B. Bad, the Honky Tonk Man, Arn Anderson, Eddie Guerrero, Ricky the Dragon Steamboat and obviously Sting and Ric Flair.
There was also a couple of good developmental talents like a Swedish guy called Daniel Anderson and of course wonderkind Alex Wright.
They had a great Tag team division in those days with cool teams like Harlem Heat, Pretty Wonderful (Paul Orndorff and Paul Roma, Stars and Stripes, Dick Slater and Bunkhouse Buck, to name just some.
Then Hulk Hogan Arrives mid 1994- Big crowds every week however Hogan doesn't much appear. Other wrestlers largely associated with him from his time in wwf jump ship like Brutus the Barber renamed "the butcher", Earthquake now called "Avalanche" and eventually Macho Man Randy Savage. This is all because of Hogans presence and the original wcw roster is hurt. Lots of talent goes to waste replaced by Hogans buddy's who instantly fill the main events.
WCW is now like a mini WWF people associated with Hogan like Jimmy Hart and The Nasty Boys remind people of his presence.
1996- By now Hogans impact has grown, Vader is gone, Dustin Rhodes, Dragonboat etc More people from WWF have followed like Lex Luger and ultimately Scott Hall and Kevin Nash, and by early 97, Ted Dibiase is even there with IRS. Guardian Angel/Bubba Rogers is now just Ray Trailor and a fringe member of nWo.
WCW continues to grow like this with more and more big stars arriving until about 1999, it plateaus.
2000- Hogan becomes less of the main star, new writers don't want to write story lines for him as they feel he has too much power and he's often side lined for long periods through injury anyway. The proverbial steroids have made WCW sick.
Bash at the beach- Hogan leaves and its ugly. A backstage power struggle is exposed. Vince Russo sees himself as smarter than Hulk Hogan and prevents Hogan from going through with his idea to beat Jarrett for the title that we'll never know. Fans are confused but they know this time Hogan is actually gone and are left without the star that made WCW huge.
2000 (A.H.D after Hogan's departure) Goldberg- WCW's one star has been poorly utilized over the past year and Booker T has to hold the forte on his own.
With Hogan leave most of the fans, money problems due to the "steroid injection" choke the company, the steroids of Hogan are gone and so are the fans, arenas are shrinking back to early 94 sizes and wcw fizzles out and ends up no more than a wwf storyline.