A hated heel in early '87, by '88 Savage had fully developed into a fan favorite and became WWF World Champ at WM IV with Hulk's help. At SS '88 they debuted as a tag team, dubbed The Mega Powers, with Miss Elizabeth as their manager/valet.
After SummerSlam, The Mega Powers were on top of the wrestling world. However, uneasiness crept in over time, with Macho Man throwing dirty looks his way when Hogan would act friendly and/or over-protective beyond reason toward Elizabeth -
- Hulk accidentally eliminating Macho at the Royal Rumble didn't help matters either
Aired live on NBC's "The Main Event", things came to a full boil when the two wrestled Big Boss Man and Akeem, AKA The Twin Towers in Milwaukee. During the match, Savage got thrown through the ropes onto Elizabeth on the floor.
Hogan left the match to tend to her (begging for her not to die, for some reason!) until she woke up backstage and told him to go help Randy. He did, but an angry at being abandoned Savage slapped him in the face, took his Title belt and left.
Hogan still won because that's what he does. Post-match, arguing in the medical room Savage said he was tired of taking a back seat in the Megapowers pecking order, accusing Hogan of "jealous eyes" in regards to his World Title and Elizabeth.
With eyes visible sans his trademark sunglasses, Savage came off more unhinged and scary than ever. He clobbered Hogan with the belt, shoved Elizabeth when she stepped in & threatened to splatter her on the floor 'til Brutus Beefcake intervened
Culminating with their WM 5 face-off and lasting nearly 2 and 1/2 years, being full of great angles, matches and promos the Savage/Hogan saga was a huge financial success & is still widely thought to be the greatest long term WWF/E storyline ever
MEGAPOWER MELTDOWN HIGHLIGHTS
https://www.youtube.com/watch?v=HADwYRra9SU