This is going to be similar to my response in the thread for Mike Awesome's opening matchup. I see Awesome and Kerry as possibly the two biggest wastes of talent I've seen as a wrestling fan. Both could have had outstanding careers but were derailed by poor decisions both self-inflicted and relating to booking. Kerry had more overall success than Awesome, and may have had an even higher ceiling.
Skimming this thread, I'm seeing a lot about how Hogan was better in every possible way, and I'm not sure I agree with that. Von Erich was a better in-ring technician than Hogan was and had better stamina. His physique was near the equal of Hogan's; while not quite as blown up, it was incredibly impressive and probably better equipped to handle the rigors of wrestling and he was a good looking kid the women swooned over.
What really set Hogan apart from nearly every wrestler in history is his sheer force of personality. Von Erich was very charismatic and had the entire state of Texas eating out of the palm of his hand but he still falls short to the Hulkster here. I would have been interested in seeing what could have been if a healthy Von Erich had the WWF hype machine behind him. He owned Texas, they may have been able to give him the world.
I was never a fan of Hogan and was a fan of Von Erich. I'd love to be able to find reasons to put him over here. Maybe I could say that if he was able to unseat Ric Flair for the World title, it's possible to beat Hogan here. I just don't think I can do it, though....love him or hate him, Hulk Hogan earned himself a spot right at or very near the top of the list of all-time greats. His influence was and is felt all over the world and he may be the most popular and most important wrestler we've seen. He deserves this win for everything he accomplished, though I don't think it's the squash others are making it out to be.
As a side note, almost every Von Erich reference in this thread exclusively references his time as The Texas Tornado in the WWF. Von Erich had years of drug problems and lacked a foot at this stage in his career. I implore you to check out his pre-WWF work to get a good idea of how good this kid was. There were many truly outstanding matches and feuds and it was an important time and place in wrestling history. You won't be sorry.