| 1 | Hulk Hogan — BABYFACE The Ultimate Good Guy — WWF Title Challenger Hulk Hogan was the ultimate babyface of WM5 — challenging the heel WWF Champion Randy Savage in the Mega Powers Explode with the entire arena emotionally behind the Hulkster. | WWF Title Challenger | None (Miss Elizabeth in neutral corner) | BABYFACE |
| 2 | Randy Savage — HEEL Macho Man — Paranoid WWF Champion Villain Randy Savage was WM5's primary villain — the paranoid, jealous WWF Champion who had turned on his best friend Hulk Hogan due to jealousy over Miss Elizabeth's attentions. | Defending WWF Champion Villain | — | HEEL (recent turn from babyface) |
| 3 | Rick Rude — HEEL Ravishing Rick — IC Title Challenger Villain Rick Rude was a full heel — the preening narcissist challenger for the IC Championship whose feud with the Warrior involved printing Cheryl Roberts' face on his tights. | IC Championship Challenger | Bobby Heenan | HEEL |
| 4 | The Ultimate Warrior — BABYFACE The IC Champion Defending Good Guy The Ultimate Warrior was a full babyface defending the Intercontinental Championship against Rick Rude at WM5 — the energetic crowd-favourite whose first WM appearance ended in a title loss. | Defending IC Champion | None | BABYFACE |
| 5 | Demolition — HEEL (Turned Face by Feud) Demolition's Face Turn Underway by WM5 Demolition were technically beginning a subtle face turn by WM5 — facing their former manager Mr. Fuji and The Powers of Pain as a babyface-adjacent team despite their traditional heel character. | WWF Tag Champions defending vs. former manager | — | TWEENER/FACE TURN IN PROGRESS |
| 6 | Brain Busters — HEEL NWA Stars — WWF Heel Tag Team The Brain Busters (Arn Anderson and Tully Blanchard, managed by Bobby Heenan) were full heels at WM5 — NWA/Four Horsemen stars working as the top WWF heel tag team. | Strike Force Opponents | Bobby Heenan | HEEL |
| 7 | Jake Roberts — BABYFACE The Snake — Psychological Babyface Jake Roberts was a babyface at WM5 — competing against Andre the Giant in a feud built around Andre's debilitating fear of snakes. | Roberts vs. Andre feud | — | BABYFACE |
| 8 | Hart Foundation — BABYFACE Bret Hart & Jim Neidhart — Fan Favourite Tag Team The Hart Foundation (Bret Hart and Jim Neidhart) were full babyfaces at WM5 — competing in a grudge match against Rhythm & Blues with the crowd fully behind the Hitman and The Anvil. | Tag Grudge Match vs. Rhythm & Blues | — | BABYFACE |
| 9 | Miss Elizabeth — NEUTRAL Neither Corner — The Most Poignant WM5 Alignment Miss Elizabeth's unprecedented neutral corner placement at WM5 made her the most emotionally significant alignment choice of the event — neither babyface Hogan's manager nor heel Savage's valet, representing the tragedy of the Mega Powers' end. | — | — | NEUTRAL — Neither Corner |
| 10 | Rhythm & Blues — HEEL Honky Tonk Man & Greg Valentine — Musical Villains Rhythm & Blues (Honky Tonk Man and Greg Valentine, managed by Jimmy Hart) were entertaining musical heels at WM5 — losing to The Hart Foundation in their WM5 grudge match. | Hart Foundation Opponents | Jimmy Hart | HEEL |