When the Presidental hoax blew over, Hogan returned and captured his fifth WCW title, touching Kevin Nash with one finger and getting the fall (it was the formation of a new NWO). Unfortunately, this "new" NWO didn't last. Lex Luger got injured, Buff Bagwell and Scott Steiner fell out with each other, Hogan turned babyface, and everyone else just done their own thing.

Hogan lost the belt to Ric Flair at Uncensored in a Cage Match that received critical acclaim from many people. Following the loss, Hogan began to have some serious knee problems. At Spring Stampede, DDP "broke" Hogan's leg during the Fatal Four Way main event, forcing Hogan to leave the ring and vacate the match. Really, it was just a storyline excuse for Hogan's absence over the next few months.

Hogan returned in July (one night after Bash At The Beach actually) and ended Randy Savage's one night title reign, lifting his sixth (and final) WCW title. Shortly after, he returned to his yellow and red "Hulkamania" persona and had fine battles with Sid Vicious, Rick Steiner, Kevin Nash, and Sting. At Fall Brawl, he dropped the belt to Sting, and at Halloween Havoc he willingly laid down for Sting in a rip-off match.

Hogan wasn't seen in WCW again until February. Remember, it was during Hogan's absence that Vince Russo and Ed Ferrara were incharge of WCW, and the story was that Hogan refused to work under them. Anyway, Hogan returned in February, after The Total Package had bashed the good name of Hulkamania and accused Hogan of driving the hummer (yes, THAT again) that knocked down Kevin Nash. Hogan's critics said that his feud with Lex Luger was dire and that seeing Hogan in the yellow and red was tiresome. However, if they gave Hogan a chance, they would see that his matches were highly entertaining and a great trip down memory lane for any true wrestling fan.