The classic feud between the villainous WWF Chairman Vince McMahon ( who was re-imagined and re-branded from the color commentator into the evil company chairman character Mr. McMahon after the real-life Montreal Screwjob incident ) and fan favorite Steve Austin ( who had been released by Bischoff in the summer of 1995 for not being marketable ) caught the imaginations of fans . The classic feud between the villainous WWF Chairman Vince McMahon ( who was re-imagined and re-branded from the color commentator into the evil corporal chairman character Mr. McMahon after the real-life Montreal Screwjob incident ) and fan favorite Steve Austin caught the imaginations of fans .