From what I remember. The Ringmaster was pretty much just the muscle for Ted Dibiase. He had the million dollar belt but never really did anything with it that I remember. Then he went Stone col (dodging being named Chilly McFreeze) and wacked Savio Vega with a strap for a few months before KOTR
This made me very curious because I thought I recalled him defending the belt but could find absolutely no evidence that he ever did. Seems he was given it, wore it a few months and tossed it. Thank you for the research opportunity.
In regards to gimmick reboots saving career, who can forget Adrian Adonis who was languishing as this guy:
And found success and universal acceptance and love as this guy: