#5 Hogan is no longer the Champion
Prior to losing the belt to Andre the Giant at Main Event in February 1988, Hulk Hogan had held the WWF title for over 4 years. With WWF President then stripping the belt off of Andre and DiBiase and creating the tournament for the title, Hogan had a chance to regain the gold that he had held on to for such a long time.
Hogan would be granted a bye in the first round as the former champion but would face the man that defeated him for the title, Andre the Giant, in the Quarter Finals. Regardless of the match, the ending of both men getting disqualified for using a chair meant neither of them would go through.
As a result of this, not only would Ted DiBiase advance straight to the finals but for the first time in over 4 years would someone other than Hulk Hogan wear the promotions major title.