I really like Aresenal's idea for the Million Dollar Man screwing Hogan out of the title and winning this time. Mainly because it would've been a very intriguing storyline, would've made sense, would've built massive heat for the Million Dollar Man, would've made the match highly anticipated, and it would've given Ted Dibiase his run with the title that he should've gotten.

I think they could've went with that option, although Dibiase's heat had lessened a bit at that point, though with a storyline like this he would've been right back at the forefront.

The good news as this time was that if they had delayed a Warrior/Hogan match, they certainly didn't have a shortage of heels to go up against Hogan. As has been alluded to he was in a feud with Mr. Perfect at this point, though I think it would've been too soon to have a Hennig/Hogan match at Wrestlemania. Mr. Perfect's I-C title run is what made him a legend, so a Perfect/Hogan match, timeline was would've been better around Wrestlemania VII or Wrestlemania VIII, as at this point, Perfect was just a mid-card guy without any championship experience. It was fine to have a test run on house shows and a brief matchup at the Royal Rumble and SNME. But a headlining Wrestlemania match, I don't think Hennig was quite ready yet for this spot. In another year or two, definitely.

Rick Rude would've been a more logical choice as he was already an I-C champion, massively over as a heel. He could've been an option, but not better than Dibiase.

Earthquake at this point was still fairly new in the company. Wasn't the 1989 Survivor Series his first high profile match in the company? While Hogan typically took on big, monster villains, they didn't ever just join the company and jump right into feuding with Hogan (except Zeus). They usually came in dominated the roster, then went after Hogan. I think it would've worked much better they way they did it. Build Earthquake up throughout 1990, and then have him go after Hogan. Of course they could've done it like how the Brain described, but I don't think it would've been the best option. Earthquake was new and needed time to be built up I feel.

So other than Dibiase, the other best option was a re-match from Wrestlemania V against Macho Man (or King). Personally I think this is the route they would've went with. And like someone else alluded to, Savage was probably the only heel believable enough to the fans to take the title from Hogan, so they probably would've had Savage challenge for the title this time around. As for how the storyline would've went? I don't know, it's Hogan and Savage, do you really need a storyline? lol. I'm sure they would've thought of something and it would've been great.

So in short, I'd say the two best and most likely options would've been the Million Dollar Man or a rematch with the Macho Man/King.