Uh, no it wasn't well played. Fenris' sense of timing is incredibly flawed. The bad contracts, shit booking and backstage politics began with Hogan, not ended with Hogan.
Ugh, where to start with this. Alright, let's start with the bad contracts. That started with Jim Herd when Ted Turner bought WCW. Here's a dozen or so contract numbers that have been mentioned from various sources through the years as an example:
Ric Flair- $875,000/yr
Sting- $750,000/yr
Vader- $700,000/yr
Lex Luger- $450,000/yr
Road Warriors- $380,000/ea per year
Tom Zenk- $250,000/yr
Brian Pillman- $250,000/yr
R&R Express- $300,000/ea per year
Johnny B. Badd- $75,000/yr
Arn Anderson- $250,000/yr
Let's add that up: $4,710,000 per year going out in guaranteed salary for 12 talents, that's not including the others. During a time when frankly WCW sucked and was smaller than TNA currently is, fanbase and attendance wise.
As to backstage politics I take it you've never listened to interviews from those around pre-Hogan? You know, that whole thing about Ole Anderson, Jim Ross, Ross' butt buddy Bill Watts and so on burying the young guys for their good ole boy can't draw shit buddies? The whole turning Zenk and Pillman into jobbers everytime they got over and jobbing them out to guys like Vader and Steve Williams? Austins 20 years of rants that WCW PRE-Hogan and Co held he and Pillman down and shit on them? Erik Watts and Dustin Rhodes being pushed to the moon because their daddies were the bookers? Guys coming flat out and stating Ole Anderson told them he hoped they would quit and tried driving them to quit because they had guaranteed contracts and he and his friends didn't? Erm yeah, politics and WCW go back a long ways.
Lastly onto the shitty booking yeah, unfortunately garbage like Robocop tearing a steel cage apart and tag teaming with Sting, Shitmaster falling through walls, midgets and wrestlers getting blown up on boats, young hungry talent jobbing to Vader in 10 second squash matches ect ect ect all utterly sucked ass.
If you are going to claim that Hogan grew WCW, you also have to acknowedge that played a large part in it's ruination.
I was unaware Hulk Hogan was ever an executive for Time Warner and was sitting up there with Brad Siegel nixing idea after idea after idea because it wasn't PG enough before canceling the TV programming of it as soon as his buddy Eric secured the funds to purchase and rebuild it. Btw when Hogan quit WCW and filed his lawsuit WCW was still the size of the current WWE, i'd hardly call that ruination.
If it had been worth anything by the time Vince bought it, Time Warner wouldn't have been so disinterested in it that they would have sold it, nor would Vince McMahon have been able to afford buying it.
Time Warner did not want wrestling on their networks. All all. Period. The only chance WCW had to stay on those networks would have been to somehow build the ratings up into the 8's on a weekly basis and even then it would have been a longshot.
As for it's worth? Eric Bischoff had a $60 million dollar offer sitting on the table for WCW and had TV rights with ABC and Fox lined up when Brad Siegel and Jamie Kellner quickly canceled TV effective immediately and unloaded it to McMahon for $3 million dollars. Btw their College roommate Stuart Snyder? Yeah he was the COO of the WWF at the time when that little deal happened.