| 1 | Randy Savage — BABYFACE (Face Turn Complete) The People's Champion — WM4's Hero Randy Savage was the primary babyface of WM4 — his face turn was complete by 1988, with Miss Elizabeth's sympathetic presence amplifying his underdog narrative as the tournament's hero protagonist. | Main Event Protagonist — Tournament Hero | Miss Elizabeth (valet) | BABYFACE |
| 2 | Hulk Hogan — BABYFACE The Hulkster — Ultimate Babyface Hulk Hogan was the WWF's ultimate babyface entering WM4 — though eliminated in the tournament, his support of Savage in the final placed him firmly in the sympathetic babyface camp. | Tournament Participant + Final Ringside Supporter | None | BABYFACE |
| 3 | Ted DiBiase — HEEL The Million Dollar Man — Primary Villain Ted DiBiase was the primary villain of WM4 — having orchestrated the twin referee conspiracy that created the tournament, then competing with Andre the Giant's assistance throughout the event. | Main Event Villain — Tournament Runner-Up | Virgil (bodyguard) + Andre the Giant (ringside) | HEEL |
| 4 | Andre the Giant — HEEL The Giant — DiBiase's Ally Andre the Giant was fully aligned as a heel at WM4 — Bobby Heenan's charge and DiBiase's ringside enforcer throughout the tournament. | DiBiase's Ringside Enforcer + Tournament Participant | Bobby Heenan | HEEL |
| 5 | Bad News Brown — HEEL Trophy Smasher — Emerging Villain Bad News Brown was positioned as a heel despite winning the Battle Royal — his trophy smashing betrayal of Bret Hart immediately established him as a villain in his post-Battle Royal character. | Battle Royal Winner — Heel despite win (trophy betrayal) | — | HEEL |
| 6 | Bret Hart — BABYFACE The Hitman — Battle Royal Sympathetic Runner-Up Bret Hart was a full babyface at WM4 — his Trophy betrayal by Bad News Brown generating enormous crowd sympathy and establishing Hart as the aggrieved hero of the Battle Royal. | Battle Royal Runner-Up — Sympathetic Hero | — | BABYFACE |
| 7 | Demolition (Ax & Smash) — HEEL The Most Brutal Tag Team in the WWF Demolition were heels at WM4 — brutal power-based destroyers who won the Tag Team Championship from Strike Force through overwhelming force. | WWF Tag Team Championship Match — Won Title | Mr. Fuji | HEEL |
| 8 | Strike Force (Martel & Santana) — BABYFACES Athletic Tag Team Champions Strike Force (Rick Martel and Tito Santana) were full babyfaces defending the WWF Tag Team Championship against Demolition at WM4 — losing the titles in the event's longest match. | WWF Tag Team Championship Defenders — Lost Title | None (babyface tag team) | BABYFACE |
| 9 | Honky Tonk Man — HEEL The Cowardly IC Champion Honky Tonk Man was the cowardly heel Intercontinental Champion at WM4 — escaping with his title via DQ against Brutus Beefcake in one of the most crowd-booed title match outcomes in WM history. | Cowardly IC Champion — Retained via DQ | Jimmy Hart + Peggy Sue (Sherri Martel in disguise) | HEEL |
| 10 | Rick Rude — HEEL Ravishing — Preening Narcissist Villain Rick Rude was a full heel at WM4 — his preening narcissist character generating maximum audience disgust, especially given the Jake Roberts feud background involving Cheryl Roberts' face on his tights. | Tournament First Round — 15-Minute Draw (eliminated) | Bobby Heenan | HEEL |