Hogan to the WWF in 1994?

It's been said that Bischoff and WCW had to load up Hogan's contract offer in 1994 with huge money and incentives to keep Vince from swooping in and matching. Let's say one of the parties gets cold feet at the last minute and either Vince matches or WCW rescinds/Hogan declines, how does 1994 and beyond play out for the two promotions? Does Hogan go right back in to the world title picture with Bret and Diesel? Does he eventually turn heel? Or would he have just end up in WCW eventually anyway since he would have been so miscast in the New Generation era?