This is a loaded question that you could literally write an entire article about. If Jim Crockett Promotions goes under before Crockett can find Ted Turner or anyone else to purchase it and create WCW, then the wrestling business changes drastically.
The careers of Hulk Hogan, Bill Goldberg, Sting, Scott Hall, Kevin Nash, Steve Austin, Rey Mysterio, Chris Jericho, Eddie Guerrero, Chris Benoit, Undertaker, Big Show, DDP and countless others would have ended up being a lot different. Most (if not all) of them would have probably ended up in WWF eventually, but even then, would they have achieved the same level of success? Would the Undertaker have still become The Dead Man? Would Mysterio ever gotten close to winning a world title or winning the Royal Rumble (even much later on) if he had become settled into a lower-card spot on the card as early as 1996? Would Austin ever have become Stone Cold? Would Rocky Maivia have ever been given the chance to become The Rock? Would we have possibly seen a brand extension several years earlier than we did?
Would Paul Heyman have even created ECW? Had he become a successful manager in the WWF instead of WCW, would he have even had the passion and motivation to want to create his own promotion? Hell, if he was employed by the WWF at the time and thought the wrestling world needed shaking up by aiming towards a more adult-oriented show, he could have simply gotten into Vince's ear and laid out his ideas to him then. He may have even become a booker for the WWF in the mid/late-90's instead of just a manager (hey, Cornette managed both, no reason Heyman couldn't.) And then you have to realize there's always the possibility that someone else entirely may have chosen to start their own promotion and compete with WWF.
I could go and on. Like with almost any "What If", you can spend all day arguing and pondering the different scenarios that could have taken place.
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