Rodrigo said:
The formation of the NWO would have been slightly different at first since Hall and Nash wouldn't be coming in from another company teasing a false "WWF invasion", but once the three joined up together, they could have still called themselves the New World Order and advocated a movement to take over the company. Remember that the NWO wanted to be their own 'brand', so to speak, which is why the company eventually started promoting the shows as being WCW/NWO and they even had their own PPV and tried to take over Nitro at one point. This still could have happened. have Hall and Nash join up at some point and make it known they're forming a group that will take the WWF by storm, and they end up starting some shit with people, and three of them step up and say they'll face Hall and Nash and their third partner (they could still say their group will be completed by a mysterious third man) and then after Hogan takes maybe a 3-6 month or even a year long break, he returns and makes people think he's come back to save the day, only to see that he's turned his back on the fans. Hall and Nash could even immediately transition to just calling themselves Scott Hall and Kevin Nash, as a way of make it clear they mean business (by dropping the gimmick names.)
It honestly could have turned out mostly the same.
Around the same time, Austin does the Austin 3:16 speech and gets over big. As we go into 1997, instead of feuding with the Hart Foundation, it's the NWO that Austin feuds with. This would have been weird since it changes history as we know it, as the Austin/Bret feud would not have existed like it did, and you might have even had Austin and Bret reluctantly working together at some point. But imagine Austin running through NWO guys and also feuding here and there with WWF guys (a Bret feud could have worked itself in that way) until he makes his way to fight "Hollywood" Hulk Hogan at Wrestlemania 14 after winning the 1998 Royal Rumble. (Hogan could have won the belt from Shawn Michaels at, say, Summerslam 1996, keeping up with the similar timeline that NWO came around in WCW 1996.) This would have been all kinds of awesome, as you'd be combining Austin's rise with the NWO (one of the hottest angles ever in wrestling) and you'd finally be getting your Austin/Hogan match out of it. Add in the Mike Tyson publicity and you'd have one of the biggest Wrestlemanias of all time, even to this day. It would have also been ironic for Austin's cemented place at the top beginning with beating Hogan, the biggest name before him.
The only problem with all of this is the fact that even if you broke up the NWO after WM14, the Austin/Vince feud wouldn't have worked out quite the same. Vince would be pissed at the guy who eventually dethroned Hogan? Who helped fight against and take down the NWO? It wouldn't have worked out the same at all. Maybe Vince could have joined the NWO as Bischoff did, but those are two different scenarios without much comparison. Vince owned the WWF and it was a family owned/built company from a few generations before, why would Vince want to support a bunch of renegades wanting to take over the company and kill it's traditions? With Bischoff, he didn't own WCW, only ran it. He saw himself as the 'rebel' that bucked the trends and traditions set up by the higher ups above him and the people (both the wrestlers and the guys who used to run it) who came before him. They even incorporated him not being the owner into the storylines at one point, because they had someone (don't remember the name) come on the show and remove him from any position of power, in 1999 I think.
Anyway, ignoring what came afterwards though, that's a great way to bring the NWO angle into WWF and combine it with the meteoric of Steve Austin at the same time. Hogan wouldn't need the NWO angle to go heel, of course. He could have still developed the "Hollywood" persona just being on his own.
