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WWE Hall of Famer Ted DiBiase announced during tonight's edition of WWE NXT that the winner of Cameron Grimes vs. LA Knight this Sunday at the WWE NXT Takeover: In Your House would become the new Million Dollar Champion if they won a Ladder Match against the other this Sunday.
WWE first created the belt for DiBiase in the early 1990s with the idea that DiBiase had the belt crafted for himself as something greater than the WWF Championship, which DiBiase had failed to win himself. DiBiase later "purchased" the WWF title from Andre the Giant and defended it for a week after helping Andre scheme to defeat Hulk Hogan on a live NBC special, only to have the belt stripped from him to set up the 1988 WWF Championship tournament won by Randy Savage at Wrestlemania IV.
The belt was designed by Betteridge Jewelers in Greenwich, Connecticut and was unveiled to DiBiase at their office. The belt became a primary piece of DiBiase's run for some time, as he would defend the title, including losing it to and regaining it from former valet Virgil. The belt was moved to the background when DiBiase and Mike Rotunda (as IRS) won the WWF Tag Team Championship in 1992.
The belt was revived in December 1995 when Steve Austin debuted in the WWF as The Ringmaster, holding the title as DiBiase's charge. When DiBiase left the company, that aspect of Austin's run was dropped. Later, the belt was used when DiBiase decreed his own son Ted DiBiase as the champion. The belt was last utilized on camera regularly in November 2010, but has been a popular replica championship belt sold by the company for many years.
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