On February 5th, 1988, the World Wrestling Federation aired The Main Event on NBC, the first time professional wrestling had appeared on national broadcast television in roughly 30 years, and the stakes were high. WWF promoted the first televised rematch for the WWF Championship between the Champion Hulk Hogan and challenger Andre The Giant, the first meeting since smashing records in the main event of WrestleMania III the prior year. Things were a little different this time however, as Andre was now in the employ of the villainous ‘Million Dollar Man’ Ted DiBiase. DiBiase had burst onto the main event scene with his heel act and his personal bodyguard Virgil, claiming that “Everyone has a price for the Million Dollar Man” and on this night he would prove that adage correct more than ever before. 

Following one of the most infamous angles in wrestling history, Andre The Giant would defeat the Hulkster for the WWF Championship, before gifting it to DiBiase in exchange for an indeterminate amount of money. Of course, in the halcyon golden era, something this sinister simply could not stand. WWF on-screen President Jack Tunney would invalidate the Championship change, setting up a one-night tournament to take place at WrestleMania IV for the Vacant belt. Based on numerous accounts, DiBiase was originally slotted in to win the tournament and become the WWF Champion, except for the actions of one man a few months before, The Honky Tonk Man.

A backstage refusal by Honky to drop his Intercontinental Championship and threat to depart and take the title to WCW would lead to the man penciled to defeat him, ‘Macho Man’ Randy Savage being instead placated by moving up the card and winning the WWF Championship, defeating DiBiase in the tournament finals, albeit with help from the Hulkster, setting in full motion the Mega Powers storyline. All of these circumstances would lead to a move that would define DiBiase and his legacy forever, the Million Dollar Championship.

Given that the story was DiBiase would and could buy anything he wanted, in storyline it would make sense for him to create his own World Championship, and given his status and stature, it would be the “most expensive” championship ever created. Designed in Greenwich, Connecticut’s top line jewelery shop Betteridge Jewelers, the Million Dollar Championship was a series of gold and silver plated Dollar signs, all held together by hinges to loosely resemble and function as a title belt. While the WWF story was that the belt was worth, what else but a million dollars, the actual value of the belt has been estimated between $40,000 and $50,000. Of course, this being 1989, with inflation that amount would be in the range of $115,000 in 2022 dollars, certainly making it one of the most expensive wrestling championships ever created.

A series of vignettes would air on WWF television of DiBiase visiting and overseeing the creation of his new belt, before finally being officially unveiled during an episode of The Brother Love Show which aired on March 4th, 1989. Despite the fact that DiBiase carried the belt and seemingly was defending it in matches, as well as future storylines being built around the strap, the title was not officially sanctioned nor seen as an “official” championship in the WWF. 

Many will have fond memories of the story between DiBiase and Jake “The Snake” Roberts leading into WrestleMania VI and Jake’s incredible and infamous promo ahead of the match, yet few will recall that despite Jake having the title in his possession, he was never actually the champion. In the build to the match, DiBiase hired Slick and Big Boss Man to return the title to him, and while this did happen, DiBiase’s gloating of having Boss Man in his pocket led to the man Cobb County to rebuff his claims, giving the title back to Roberts, also cementing his first face turn in the process. This would all lead to WrestleMania, where Virgil was able to steal back the title from ‘The Snake’ and return it to his employer. 

The first time that the title would actually change hands would be two and a half years into DiBiase’s reign, when he would defend and lose the belt at SummerSlam 1991 against his former manservant Virgil. Earlier in the year at the Royal Rumble, Virgil had finally turned on his boss in a cathartic moment for fans who went ballistic. Unfortunately for the real life Mike Jones, he simply couldn’t carry the momentum moving forward, following a lackluster match at WrestleMania and even a mentorship with Rowdy Roddy Piper. Virgil would get his tiny title reign coming out of SummerSlam, but would drop the title back to DiBiase in November at the Survivor Series Showdown, a special that used to air ahead of the pay per view which would feature some singles matches to counteract the team-based show.

This would actually be the only official time that DiBiase would drop the title, as he would carry it forward into his tag team of Money Inc. alongside Irwin R. Schyster. Upon the duo winning the Tag Team Titles in early 1992, the Million Dollar Championship was quietly deactivated and it seemed like the end of an interesting experiment.

Of course, in wrestling, you never say never, and the Million Dollar Championship would return in 1996, albeit under different circumstances. DiBiase had been forced to retire due to lingering injury issues but had taken up the mantle of being a manager and mouthpiece. In 1995 he managed a group of heels known as The Corporation (hey, that could work one day!) following his disastrous run managing The Underfaker. While the run was more successful, it simply didn’t have the legs to keep going as the WWF slowly began to change in the face of competition from WCW. At the beginning of 1996, DiBiase would introduce his new client whom he bestowed the Million Dollar Championship, The Ringmaster. While the name wouldn’t stick, the man who was soon going by Stone Cold Steve Austin had a moderately decent run, entering into a feud with Savio Vega. The run would end in May when Savio Vega defeated Austin in a Caribbean Strap Match, which led to DiBiase’s ejection from the WWF, who in reality was departing for the big bucks down south. With his exit, the Million Dollar Championship was again deactivated. 

Fast forward over a decade, and the Dollar sign belt would again be seen on the now-WWE television screens. Following his own Hall of Fame induction, DiBiase would bestow the Championship on his own son, Ted Jr. Junior had just broken away from his Legacy counterparts, Randy Orton and Cody Rhodes, and was in need of something to help push him up the card. It seemed natural that the same thing that worked for his father would work for him, but they were two diametrically opposed performers. Ted Jr. simply didn’t have the charisma or flare to make it work. Despite being paired with Maryse and even a brief return to man-slavedom for Virgil, it was clear it wasn’t working and the title would soon be discarded once again, but not before some attempts at comedy featuring the barely-remembered Aksana and Goldust stealing the title back and forth. While this revival lasted longer than the 1996 attempt, it was mostly seen as a glaring failure.

Another decade would pass before the Silver and Gold would adorn television screens, this time in an unfamiliar locale. Ted DiBiase would make an appearance on NXT television in June 2021, bringing back the belt and putting it up in a Ladder match between LA Knight and Cameron Grimes at the forthcoming In Your House TakeOver. Knight would take the bout and the Gold then cemented his heel status by beating down the legendary DiBiase. This would carry on their feud for a few months, with Grimes intent on winning the belt and making DiBiase proud. The feud would culminate at NXT TakeOver 36 in a match where if Grimes lost DiBiase would be forced to replace him as Knight’s personal butler. Grimes would win the Gold and seemed poised for big things moving forward, but a monumental shift in the whole NXT landscape en route to becoming NXT 2.0 may have kiboshed the idea, but that is purely speculation. Either way, the next episode of NXT would have DiBiase seemingly taking the belt back and giving Grimes a replica title, speeding off in his limo with his signature laugh, possibly for the last time on WWE television. 

So, what is the legacy of the Million Dollar Championship? Simply put, it was an excellent way to keep massive amounts of heel heat on its owner, but it was clearly something that would only work around his waist, as evidenced by the non-drawing power of anyone else holding the title. Could it have potentially meant more in NXT had the story between Knight, Grimes and DiBiase continued? One can only wonder, but it is very likely we have seen the last of the Million Dollar Championship in terms of storylines on WWE television, but as always with the wrestling business, never say never.