In 1994, Steamboat was feuding with Steve Austin over the WCW United States Title. Steamboat did his "skin the cat" move, pulling himself into the ring over the top rope, and felt pain in his back. The back injury turned out to be serious, and WCW released him. Rather than try a comeback at less than a hundred percent, Steamboat opted to retire. He has never returned to the ring as a competitor, although he has made appearances at the Brian Pillman Tribute shows. Steamboat, who owned a gym while still an active wrestler, has stayed in that business since his retirement.

Steamboat and Savage had the match that stole the show at WrestleMania III. In some ways it overshadowed Hogan vs. Andre. Steamboat won the IC Title, and claimed later that there were a lot of other promises made to him, too, but he quickly dropped the title to Honky Tonk Man and shortly thereafter was out of the WWF completely. Steamboat thought that Hogan maneuvered behind the scenes to eliminate him since Steamboat became a potential rival for his no. 1 babyface spot in the WWF.

Wade Keller: How long were you in the WWF after Wrestlemania III? How long were you there afterward to see things going downhill?

Rick Steamboat: I left around the middle of June. I had the title for four to six weeks after Wrestlemania and I was promised to have it for the rest of the year. I thought, "Wow, four to six weeks. That's a big different from the ‘rest of the year.' And, Honky Tonk Man? Please!

Keller: Well, he's Hogan's buddy.

Steamboat: That's where I started seeing a different kind of writing on the wall. Maybe it's because of the match Randy and I had. Although, it didn't set Randy back because Randy was a heel.

Wade Keller: Maybe it goes back to what you were saying about the booker being a babyface just like you. Hogan wasn't the booker, but his influence may have surpassed that of many bookers.

Steamboat: I was a face threatening his position.

Keller: What led to your departure?

Steamboat: Then after I dropped the belt to Honky Tonk I went to Vince and said, "Remember when I asked for four weeks off." He said, "Yes." I said this with Pat Patterson standing there with Chief Jay Strongbow standing there, too. I said, "I'd like to take the rest of the year off." This was in 1987. I took the rest of the year off and came back near the very end of 1987. I started up in January and that was the year they had Wrestlemania in Atlantic City with the tournament for the world belt. I got eliminated in the first round against Greg Valentine. I saw the writing on the wall then and it wasn't too long after that I gave my notice.

Keller: Why did you ask for the rest of 1987 off when originally you wanted four weeks off? Just because of the writing on the wall?

Steamboat: I thought I had earned my right in the position I was handed. I thought I had earned it without kissing ass or brown–nosing. It was just through hard work and being persistent and consistent with it that I had earned my spot. Then I came to find out four weeks later they want me to drop it to Wayne Ferris. That's when I said, "Okay, but I'm taking the rest of the year off."

Keller: It wasn't just ego or pride. It was also an issue of money, right? There would be a substantial difference between being an ex–IC champ and having a one–year run with the belt.

Steamboat: Without a doubt.