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Memphis set the bar as far as the series was concerned and then the AWA raised the bar to unprecedented heights. To a point I don't even think that me talking about some of the stories is worth or could possibly do them justice and I think it would be better if you just took the time to watch the episode.
In my opinion, the American Wrestling Association will always have a lasting legacy on the wrestling business due to the talent that walked through the door. Names like Shawn Michaels, Hulk Hogan, Curt Hennig, Scott Hall, and of course Ric Flair became household names in the AWA. It was in the AWA where Flair met Dusty Rhodes and at first wanted to call himself "Ramblin" Ricky Rhodes before going by the name of Ric Flair. It was Verne Gagne that brought Hulk Hogan back to pro-wrestling following the success of Rocky and gave him a spotlight.
Legends and Icons called the AWA home and made Verne's baby one of the most prominent and successful territories of the era. To break down each name that called AWA home would be to list out years of future Hall of Fame inductees and World Champions. Losing sight of what was important and what made the territory unique ultimately led to the downfall of the promotion. Verne Gagne knew real talent and clearly loved the wrestling business, but when the business started to change he wasn't comfortable moving forward.