On the latest edition of The Wrestling Observer Radio revealed via Reddit host Dave Meltzer noted that The Million Dollar Man character was not a parody of Ric Flair but essentially a character based on Vince McMahon himself.

Dave reminisces that when Ted first got the gimmick, Ted and Meltz laughed at the idea that Ted was guaranteed a great push (which he did in fact get, Dave notes) because Vince would never de-push "his own" character. 

A follow up post on the Reddit post also revealed WWF used to allow Di Biase an expenses allowance for when in public, for example a restaurant, so that he could buy everybody in the place a drink or so on to flaunt his wealth. He was told if you abuse the privilege he would lose it but otherwise he was to live the gimmick.