On Sunday May 3rd, 1992, Kip Allen Frey announced that WCW had come to an agreement with the National Wrestling Alliance, to host the upcoming NWA World Tag Team title tournament, and in the process, restoring relations with the NWA after 16 months of estrangement. The sixteen tag-team tournament would be held at the Clash of the Champions XIX t.v. special on TBS on June 22nd, 1992, with the finals held at the Great American Bash 1992 pay-per-view on July 12th, 1992. Teams from WCW, Japan, Australia, Europe, Canada and Mexico featured. Eight seeds were announced, with those seeded kept apart in the first round draw. The draw panned out as follows (with the teams' seeded number in brackets were applicable):

First Round matches (to take place at Clash of the Champions XIX, June 22, 1992):

Bracket A:

[A1] The Steiner Brothers (WCW, seeded #1)  vs   Miguelito Perez & El Boricua (Mexico)

[A2] Chris Benoit & Beef Wellington (Canada, seeded #8)  vs  Flyin' Brian Pillman & Jushin Liger (WCW)

[A3] Steve Williams & Terry Gordy (Japan, seeded #4)  vs  Larry O'Dea Sr. & Jr. (Australia)

[A4] Dean & Joe Malenko (Europe, seeded #7)  vs  Ricky Steamboat & Nikita Koloff (WCW)

Bracket B:

[B1] Hiroshi Hase & Akira Nogami (WCW, seeded #2)  vs  The Headhunters (Mexico)

[B2] The Silver Kings (Mexico, seeded #5)  vs  The Fabulous Freebirds (WCW)

[B3] Arn Anderson & Bobby Eaton (WCW, seeded #3)  vs  Dustin Rhodes & Barry Windham (WCW)

[B4] Ravishing Rick Rude & Stunning Steve Austin (WCW, seeded #6)  vs  Z-Man & Marcus Bagwell (WCW)

Quarter-Final matches

(to take place at WCW Great American Bash 1992 pay-per-view on July 12, 1992):

[C1] Winners of A1  vs  Winners of A2 

[C2] Winners of A3  vs  Winners of A4 

[C3] Winners of B1  vs  Winners of B2 

[C4] Winners of B3  vs  Winners of B4 

Semi-Final matches:

[D1] Winners of C1  vs  Winners of C2 

[D2] Winners of C3  vs  Winners of C4 

Tournament Final match (winners to be crowned new NWA World Tag Team Champions):

[E1] Winners of D1  vs  Winners of D2