They did not take on the NWO and win...The NWO was dying down and had way too many members before Austin or Rock took over. 1998 is when the NWO divided into The NWO and NWO Wolfpac which was complete crap. Kevin Nash had ruined the NWo before Austin took over.But the fact remains that The Rock and Austin both took on the NWO threat and won. Believe it or not, I do think that the brief Austin/Rock/McMahon collectives between 96-early Aughts, should it have happened earlier and took on WCW instead of Shawn, could have very well stood its ground against the NWO angle if not even overshadowing it. Shawn couldn't, and even though a lot of it isn't his fault, he and Bret just couldn't (although being a dick backstage didn't help much, I'd think).
My original point is that it is unfair to say Michaels couldnt draw compared to Austin and others because of the era difference. Calling someone a bigger draw should mean that no matter what the situation is, that person can put more people in seats than the other. If you replace Michaels with one of the other big draws during 1996, I believe that WWE would have lost. Nobody has ever carried a company like HBK did.