Take a look at what TH has to say about the genesis of the nWo. I think he summed it up well there.
Still, even for as much as the wrestling industry has changed in 15 years, it's still cool to look back on the dates that mattered. July 7, 1996 may have been the date that mattered most, regardless of how badly Bischoff and his cronies paid it off (or in a sense never paid it off).It's a good read. It makes the timing of my review of The Monday Night Wars even more fitting, I think.