You're all wrong:

Lang would be recognised by the WBC
Creed would be the WBA champ
Drago would be the WBO choice
Gunn would be the IBF champion.

The public would never see the fights, as each guy would avoid the other because they would risk losing their 'title' and recognition by their governing body. There would be no 'heavyweight champion of the world', and we would be treated to a merry go round of second raters being 'world title challengers' when in reality they would never have got near a shot at an undisputed title. The sanctioning bodies would get rich, and viewers would turn off and be watching Thunderlips in MMA instead.