Why did they just give Pat the I-C title and tell fans he won a fake tournament? Wouldn't have there been money to be made in having fans pay to see a championship tournament? Tournaments are awesome after all.
The 70s were a different time. You could legally smoke crack on airplanes, we still hadn't given women the vote yet, and science had not yet cracked the code of discovering that tournaments are awesome. I mean, were there even tournaments before Wrestlemania IV? Really we have no way of ever knowing for sure. Maybe someday we'll find evidence of it.