The Main Event took place and aired live on Friday February 5, 1988 at 8pm ET from the Market Square Arena in Indianapolis, Indiana. The live broadcast drew a 15.2 Nielsen rating and 33 million viewers, both records for American televised wrestling.

The match between André the Giant and Hulk Hogan saw André receive the pinfall victory despite Hogan's shoulders not being down. It was revealed post-match that the referee was not the assigned referee, Dave Hebner, but rather his twin brother, Earl Hebner, who was hired by Ted DiBiase as part of a storyline screwjob. After the match, André attempted to surrender the title to DiBiase. Then-WWF President Jack Tunney said the title could only change hands by pin or submission, and said that by attempting to surrender the title, André had actually vacated it. Following the vacancy, a single elimination tournament was held at WrestleMania IV to crown the new champion.