He also wasn't a good choice, by any actual stretch, and thinking otherwise is the worst kind of hindsight. I'd hardly call that time period freefall, not like it would be a couple months later when Sullivan's run was proving to be even worse than it was in 1995.
Aa for other choices, shit was far too tight for any real long-term solution, but DDP with a fresh face run at the top was an option. One of the dumbest things they did in '99 was turn him heel, even if I actually enjoyed the Jersey Triad, because he'd just come off of 2 years of being one of the hottest faces the company had who wasn't Sting.
Tank wouldn't have been good beyond a "wtf are they thinking" deal, which wouldn't have translated to any sort of goodwill. He was absolutely shit in the ring, couldn't talk, garbage look, and all he had going for him was a UFC record propped up with tomatoes. It would have just made things worse.