Universal Wrestling Federation

NWA Tri-State (1950s–1979)

A former territory wrestler who was blinded in a 1950 auto accident, Leroy McGuirk eventually took over promoting a wrestling circuit covering Oklahoma, Louisiana and Mississippi. Until 1973, "Cowboy" Bill Watts had been one of Tri-State's most popular wrestlers. After leaving Tri-State for Eddie Graham's Championship Wrestling from Florida, Watts returned to Tri-State in 1975. NWA Tri-State fought a two-year promotional war against International Championship Wrestling that included the "outlaw" promotion filing an antitrust lawsuit against McGuirk and Watts.

Mid-South Wrestling (1979–1986)

In 1979, Bill Watts acquired the Tri-State Wrestling territory from Leroy McGuirk, and re-branded it Mid-South Wrestling (MSW; officially, the Mid-South Wrestling Association). One of Watts' first acts as owner was to withdraw the company from the National Wrestling Alliance (NWA). However, MSW would remain loosely aligned with the NWA, continuing to have the NWA World Heavyweight Champion defend the title on MSW shows, which spiked live event sales. (During the "territory" system in place from the 1940s to the 1980s, the NWA World Heavyweight Champion would travel to each NWA-affiliated territory to defend the title against its top-drawing local star.) MSW then added Arkansas to its circuit. In 1982, MSW expanded to Oklahoma when McGuirk closed his personal, Oklahoma-based promotion. McGuirk also formed an alliance with Houston promoter Paul Boesch to feature Mid-South talent on shows at the Sam Houston Coliseum (one of the most famous arenas in professional wrestling), and other parts of southeastern Texas. Mid-South used Shreveport, Louisiana as the base for its television tapings, which were first housed in the studios of KTBS-TV until they were moved around 1982 to the Irish McNeel Sports for Boys club, located on the Louisiana State Fairgrounds.

In the early 1980s, The Junkyard Dog would dominate as the company's top draw. He would also become overwhelming the most preferred local sports star who New Orleans schoolchildren wanted to meet, even more popular than big local New Orleans-based athletes Archie Manning and "Pistol" Pete Maravich, during the 1981-1982 academic year. In addition, he would also gain notoriety for being an African American who headlined a wrestling promotion at a time when African Americans in other promotions were billed as side acts.

Instead of the cartoon-ish characters and interviews common to the Hulkamania-era WWF, Mid-South Wrestling's content focused on: energetic matches performed before raucous and packed crowds; characters whose personas blurred the line between good and evil; an intensely physical, athletic wrestling style; and an episodic TV show format. The promotion ran shows in a mix of small venues and gigantic arenas. In 1980, a card pitting a "blinded" Junkyard Dog against Freebird Michael Hayes in the main event drew nearly 30,000 fans for a show presented by a promotion less than one year old. In 1984, Watts came out of retirement to team with a masked Junkyard Dog (under the name Stagger Lee) to face the Midnight Express to cap an angle in which the Express and manager Jim Cornette beat Watts on TV. Its undercard featured a showdown between Magnum T.A. and Mr. Wrestling II. The 1984 show drew 22,000 fans—an unimaginably large crowd for a regional territory show.

In the mid-1980s, MSW began to expand nationally. In 1985, longtime wrestling fan Ted Turner invited Watts to air MSW's weekly TV show on Turner's SuperStation TBS network. Turner wanted an alternative to the World Wrestling Federation show airing in the coveted 2-hour, Saturday-evening timeslot, which the WWF had acquired when it bought out the majority ownership of Georgia Championship Wrestling. (see: Black Saturday) Turner was angered by the WWF show because McMahon had promised him it would feature matches and promos taped in TBS' Atlanta studios (as Georgia Championship Wrestling had done for years). But instead of fresh, locally-produced content, the WWF's TBS show only presented clips and highlights from other WWF TV shows – some, depending on TV market, airing at the same time the TBS show did. (Eventually, the WWF would shoot local, in-studio matches, but only infrequently, and they were usually predictable squash matches.) MSW quickly became TBS' highest-rated show, so Watts positioned MSW to take over once Turner could force the WWF off his network. Watts' luck ran out, however, when former Georgia Championship Wrestling co-owner Jim Barnett helped broker a deal enabling North Carolina–based Jim Crockett Promotions' (led by Jim Crockett, Jr.) to buy the Saturday timeslot from McMahon, and become TBS' sole pro wrestling show. Watts made one more attempt at going national the following year. As part of that plan, Watts replaced Mid-South Wrestling's parochial brandname with a more corporate, ambitious (and WWF-like) one: the Universal Wrestling Federation.

Universal Wrestling Federation (1986–1987)

In March 1986, MSW "went national" (the goal of the most ambitious regional promotions of this era), re-launching as the Universal Wrestling Federation, and securing a syndication deal airing their two one-hour, weekly TV programs (the lesser show, Power Pro Wrestling debuted in 1984) in major markets across the United States. The TV tapings were also taken out of Shreveport and moved on location at various live shows throughout the Mid-South/UWF territory. New wrestlers, mostly from World Class Championship Wrestling (WCCW), joined the company, as did former WCCW co-promoter Ken Mantell.

Despite the UWF's strong early ratings and critical praise, it could not compete nationally with Jim Crockett Promotions (JCP) and the WWF, as both had stronger TV distribution and larger live event, pay-per-view (and, in the WWF's case, merchandise licensing) revenue streams. The UWF was further hurt when the oil-based economy of its richest local market—Oklahoma—fell into a severe recession in late 1986. This left the blue collar core of the UWF's fanbase with far less disposable income to spend on things like attending wrestling shows.

Watts sold the UWF to JCP on April 9, 1987, and many of the UWF's top stars were either retained by JCP, or immediately left for the WWF or WCCW. Unlike the other NWA-affiliated promotions JCP had bought out in the mid-1980s, the UWF did not immediately end; JCP kept its brand—and its three championships—alive in TV storylines until December 1987, when JCP's NWA-affiliated wrestlers defeated all of the UWF wrestlers in a series of "title vs. title" unification matches, among others. Only a few UWF wrestlers were well-received by JCP's fanbase; they included the Fabulous Freebirds, Shane Douglas, Rick Steiner, Eddie Gilbert, and UWF centerpiece "Dr. Death" Steve Williams. Most UWF imports were gone from JCP's roster within a year; however, one wrestler would go from UWF midcarder/tag team act, to breakout star in JCP, and the wrestling industry as a whole: Sting. (Sting's partner in the UWF tag team the Blade Runners would later become a WWF wrestling legend, too: Ultimate Warrior.)