Ted DiBiase was unable to win the WWF Championship, having lost the final match of the WWF World Championship tournament at WWE WrestleMania 4 to "Macho Man" Randy Savage. During the Summer of 1988 DiBiase teamed with Andre the Giant, in a team known as "The Mega Bucks", while chasing the WWF World Championship.
A frustrated DiBiase decided that if he couldn't win or buy the WWF World Championship he would purchase his own championship belt. In 1989 DiBiase unveiled a new championship belt, which he called the Million Dollar Championship. This title was never official and therefore unsanctioned by the WWF, and rarely did DiBiase defend his "title".
Jake Roberts stole the title belt during their feud in early 1990. This also led to a face turn for the Big Boss Man who 'resented' his manager Slick selling his services to DiBiase in order to retrieve the belt from Roberts. After attacking Jake and stealing the bag containing the belt and Roberts pet python Damien, DiBiase, the Boss Man and Slick headed for The Brother Love Show where DiBiase bragged about buying the Boss Man's services. The Boss Man then told both Slick and DiBiase that he couldn't be bought and immediately returned the bag back to Roberts who had been left handcuffed to the ring ropes. The Boss Man then released Roberts, walked back to the Brother Love set, pushed Slick and again told an irate Million Dollar Man that he couldn't be bought before walking off to the cheers of the crowd, cementing his face turn. DiBiase had his bodyguard Virgil get the belt back from Roberts back at WWE Wrestlemania 6 after Jake was counted out during their match at the SkyDome.
As part of his feud with "Rowdy" Roddy Piper DiBiase's bodyguard Virgil turned face and trained with Piper to face DiBiase at WWE SummerSlam 1991 for the title, which Virgil won, making him the only wrestler to win the title at the time.
During DiBiase's second title reign he abandoned the title when he won the WWF World Tag Team Championship on February 7, 1992 with IRS.
Ted DiBiase would later go on to award the title to his newest protégé "Ringmaster" Steve Austin on his arrival in the WWF in early 1996. After his protégé lost a match against Savio Vega on May 28, 1996, DiBiase was forced to leave the WWF.
After a 13 year absence, the belt reappeared on WWE television in 2009 when DiBiase, the guest host of the night, appeared on the July 6 episode Raw, carrying the Million Dollar Championship as he carried out his duties. Nearly a year later, when DiBiase was inducted into the WWE Hall of Fame on March 27, 2010, he had the Million Dollar Title with him, saying he "never leave[s] home without it." On April 5, DiBiase's son, Ted DiBiase, Jr., after disbanding the tag team Legacy, came out holding the championship belt, claiming his father had given it to him. WWE's official website confirmed the reactivation of the unsanctioned title under DiBiase, Jr.'s profile. On the October 4 episode of Raw, Goldust attacked Ted DiBiase Jr. and gained possession of the championship. On the November 8 episode of Raw, Goldust's own wife Aksana stole the Million Dollar Championship from him. On the November 15 edition of Raw Goldust stole the title back and returned it to DiBiase, Sr. He then offered to return it to his son, who rejected the offer.
- Ted DiBiase, Sr: March 4, 1989 - WWF Superstars of Wrestling
- Virgil: August 26, 1991 - WWE SummerSlam 1991
- Ted DiBiase 2: November 24, 1991 - WWF Survivor Series Showdown
Abandoned — February 7, 1992
Abandoned — May 28, 1996 — WWF In Your House 8: Beware of Dog
Abandoned — November 15, 2010