There was no way that the angle could have been saved, and luckily Hogan's leaving was the mercy killing that it needed. The ridiculous nature of the gimmick, over-reliance in the McMahon family to drive the story, the quick arrival and dismissal of a way too bloated and crazy Piper, having an egotistical and unrealistic one legged wrestler being predominately featured, and somone actually believing that the wrestling aspect of the feud would be carried by Sean OHaire are all the factors that killed the angle dead on arrival.
Actually, any one of those factors could kill any angle.