Without a doubt. By that time, WCW was a train wreck, doing pointless shit like this (and constantly breaking kayfabe), for no reason except to be "shocking" and "edgy".
In 2011, Hulk Hogan is 57 years old. This happened roughly ten years ago, so that would make Hulk hogan about 47.This still ranks as one of the all time stupidest ideas IMO. I don't see how Jarrett lying down for a 60 year old half plastic man is supposed to regain the prestige of the title. Meh.
Nothing to add to this post,it completely explains the situatiion.The simple answer is yes.
Russo, Bischoff and Hogan agreed to it beforehand. The plan was for Jeff to lay down for Hogan and then Hogan says something about WCW being a craphole and walking away. Russo was suppose to come out and say Hogan would be gone for good and declare a new title match. All of that happened, but the "shoot" part of it is that Russo went over the line in insulting Hogan and Hogan got legitimately pissed off and sued Russo for character defamation.
BTW Hogan was suppose to come back with the title and feud with the current title holder at the time and say he was the rightful champion.