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Look, both of these belts suffered greatly from the result of these actions. Both of them would never be the same after the fact, and have gone down as the most infamous moments in the history of their promotions. But the question, quite simply, was which of the following events crippled their respective titles more; the NWA, or the WCW Heavyweight Title?
Personally, I have to go with the NWA Title, because this was the final nail in the coffin, not only for the belt, but also for the promotion as a larger national powerhouse. At the time, Jim Crockett had come out of his no complete clause, and there were plenty of wrestlers not used by the WWE or WCW that, theoretically, the NWA could worm its way back onto the national stage. Maybe I'm in denial over this, but I absolutely believe that the NWA stood a chance. Not after this. This not only crushed the title, but also crushed the promotion. The fact that Shane Douglas was willing to walk away from the title that easily and take the Indy promotion's title was something that was unfathomable at the time. Yet, here it was, and it was stunning. at the least, The Arquette title win got WCW some type of press outside the wrestling world. The only press Shane Douglas got the NWA from this was how the NWA eas D-E-A-D dead. There was a chance that the NWA could have made it out of this, and frankly, I was less hopeful about the WCW's chances. This not only killed the belt but the promotion, and thus, I'm going to have to go with the NWA Heavyweight Title.
But as for you, which belt got more devalued by the actions you just witnessed?