AOL/Time Warner merger aside, I felt it went downhill the minute they decided to increase Nitro from 2 hours to 3, along with now a 2 hour Thunder show. It wasn't like Bischoff had a choice, Ted Turner wanted Thunder for his TBS station. 2 hours became 5. Way too much.
Yet, NWO was still red-hot into mid-1998. The fans were begging for a face version to cheer for and they got it. It's rarely acknowledge how over NWO Wolfpac was. You look at them in mid-1998 they had a hot angle with NWO Wolfpac vs. NWO Hollywood, and a scorching hot Goldberg as US champ with his unbeaten streak. Those two angles could of carried them all the way to Starrcade.
Instead they hot-shot Goldberg beating Hogan to pop a rating against WWF Raw's momentum. Should of been saved for Starrcade. And Hogan didn't want Hall in NWO Wolfpac which made no sense storyline wise but Hogan never wanted to see the Red and Black version without him flourish. He didn't want all the "cool" characters on the other side.
If executed right, they could of came out of Starrcade 98 with an still unbeaten Goldberg as WH champ, a uber-popular babyface nWo Wolfpac selling T-shirts and merch by the truckload, and killed off the NWO Hollywood group once and for all.
Instead we got the finger poke of doom, and the downward spiral couldn't be stopped at that point.
I still say one of WWE's biggest missed opportunities was not doing NWO Red and Black Wolfpac babyface faction post WM 18. It would of been a license to print money.