#1 Jerry 'The King' Lawler
Jerry 'The King' Lawler was the greatest wrestler that the south and Memphis had ever seen. The King dominated the AWA, becoming heavyweight champion literally countless times and held more than a dozen more heavyweight titles elsewhere.
By the time 1992 had rolled around, The king was easily the best wrestler in the world who had yet to work for WWE, until he finally signed with them that year. When The King signed, his contract was to see him be both an announcer and part-time wrestler. The part-time of that would make it tricky for him to ever win a Championship in WWE. It wasn't like today where the Champion can be a part-time performer and barely ever show up and still be Champion, back then The King still had other commitments outside of WWE and thus, couldn't be a defending Champion on the road.
Despite that, I still think The King deserved to be some kind of Champion. Whether it be a Tag Team Champion with son, the late Brian Lawler during their tandem in 1998, or a Hardcore Championship run since almost everybody else held it, or even a short run as an Intercontinental Champion, The King should have been given something. No one ever expected him to become WWE Champion in 2011 when he challenged The Miz, but in the early '90s, I don't think a short run should have been out of the question.