I doubt it, I think Hogan gave it the power and momentum it really needed. He was already in WCW, he was a Superface, then all of a sudden he's turned his back on WCW, not WWF, and the fans to join these outsiders. That's like a General leaving his troops.
I heard that there was talk that Sting was originally suppose to be the 3rd man, I think that might have worked, although I'm not sure how the fueds would have spanned out if he had turned heel instead.