Shown 1988-01-02 on NBC. Attendance: 13,000.
| Elim. | Ent. | Name | By |
|---|---|---|---|
| 1 | 3 | Butch Reed | Jake Roberts (6) |
| 2 | 1 | Tito Santana | Bret Hart (2) |
| 3 | 10 | Boris Zhukov | Jim Brunzell (7) & Jake Roberts (6) |
| 4 | 6 | Harley Race | Don Muraco (11) |
| 5 | 7 | Jim Brunzell | Nikolai Volkoff (12) |
| 6 | 4 | Jim Neidhart | Hillbilly Jim (17) |
| 7 | 8 | Sam Houston | Ron Bass (14) |
| 8 | 2 | Bret "Hit Man" Hart | Don Muraco (11) |
| 9 | 16 | B. Brian Blair | One Man Gang (19) |
| 10 | 5 | Jake "The Snake" Roberts | One Man Gang (19) |
| 11 | 12 | Nikolai Volkoff | Jim Duggan (13) |
| 12 | 17 | Hillbilly Jim | One Man Gang (19) |
| 13 | 9 | Dangerous Danny Davis | Jim Duggan (13) |
| 14 | 20 | Ultimate Warrior | Dino Bravo (18) & One Man Gang (19) |
| 15 | 14 | Cowboy Ron Bass | Don Muraco (11) |
| 16 | 11 | Don Muraco | Dino Bravo (18) |
| 17 | 18 | Dino Bravo | One Man Gang (19) |
| 18 | 19 | One Man Gang | Jim Duggan (13) |
| 19 | 15 | Junkyard Dog | Jim Duggan (13) |
| Winner: | |||
| – | 13 | "Hacksaw" Jim Duggan | – |