Pearce awarded the belt to Cabana anyway, only to have Cabana bury the NWA saying the letters epitomized the past and that the current board of directors were "morons" among other insults. He said he would accept the win and the end of the feud, but not the title.
However, since Pearce lost, he said he would not accept the title either. Pearce said that by not sanctioning the match, the NWA robbed the fans and Cabana, as well as one of the finest champions who ever lived in Cabana. Pearce then reminded everyone that he had promised to "leave the NWA" if he did not beat Cabana. He said he was stepping down as champion and said that the NWA pushed him out when they did wrong by Cabana.
So whether the NWA is happy with that or not, the NWA belt is now vacant.
Here are highlights from that announcement, where Cabana and Pearce pretty much buried the NWA. The pair spent the last several months trying to raise the awareness and credibility of the NWA title, only to see the entire landscape of the company change with the lawsuit that led to the change in its ownership power.
So, Pearce and Cabana ended up with an exit from the promotion, burying it at the end, as opposed to their original plans to elevate the championship: