Nitro won the ratings war for 88 straight weeks. The NWO storyline changed wrestling. It was Must See TV. WCW however didn't really capitalize. They blew the entire Sting in the Rafters storyline, they misused Brett Hart, the made the NWO too dominate, certain performers gained too much power.
At what point did you say the WWE would regain the #1 spot? For me it was the Hart Foundation storyline in 1997. Good matches, great storylines. Austin's character imo at it's best both in ring and out of the ring.