I'm rather surprised at so many people taking this in a religious context. The term "god" is rather a common description these days for a person who excels at something so much that he/she is often singled out as the best practitioner of whatever it is that gains him/her so much attention and the ultimate compliment is bestowed upon him/her, i.e. "Eddie Van Halen is a guitar god".
Perhaps the...resistance...comes from your spelling. "God" (capitalized) denotes the Man Upstairs, the Supreme Being, the Creator. "god" (lower case) is a term often bestowed upon people who are exceptional at something (usually sports or music).
If we use the term "God" then Vince McMahon Jr "deserves" that distinction. "God" created the universe, created Man, and gave him a set of instructions and rules to live by. If Man fails to observe those rules, and commits sins against God's mandates (the Ten Commandments), he is ejected from God's "universe" and goes to Hell. Vince Jr created the WWE, creates each performer in his "universe", and dictates how each performer will conduct him/her self. Failure to adhere to Vince's "commandments" results in ejection and exile from Vince's "universe".
Taking that a step further, Vince tries to control his "flock's (WWE fans)" thinking, rewrites wrestling history, and tries to get his "flock" to believe HIS version of everything. The most ubiquitous version of "God's word" is the King James version of the bible. England's King James had HIS religious scholars translate the original scrolls into what KING JAMES wanted them to say, altering things when "necessary" to get the King's subjects to act and think the way HE wanted them to for fear of exile to Hell or death for committing what King James considered sins.
If we use the term "god" to mean the best practitioner of a particular talent or set of skills, in this case, pro wrestling, then Ric Flair is more deserving of that distinction than any other pro wrestler who's ever been in the business. Beginning in the mid-70's and for two solid decades Ric Flair had NO weaknesses and NO flaws as a performer. Everything it takes to be a successful pro wrestler and World Champion Flair had...in spades. Unmatched charisma, the "look" of a Champion, the credibility in the ring, the wrestling skills, the mic skills and legendary promos, the drawing power to sell out arenas all over the country consistently, the feuds that kept fans interested for two solid decades. You name it, Flair had it. Some were better at certain things (Dory Funk Jr was a better wrestler, but didn't have Flair's charisma; Harley Race was tougher but didn't have Flair's showmanship; Hogan could match Flair's charisma and showmanship but didn't have the credibility as a wrestler, etc). Some were better at certain things but nobody put it all together into one "total package" like Flair did. Flair really did not have any weaknesses as a performer, and is deserving of the term "god" of wrestling.
If we use the term "jesus" of wrestling, Michaels isn't him. For most of his career Shawn was a jealous paranoid drug abuser afraid of losing his spot who did everything he could to screw over and hold other performers down. His last few years of sobriety and "being good" doesn't make up for that.
Rather, "jesus" should mean one who "spreads the word" as Jesus Christ did. And the one performer who did that more, and better, than anybody else is Hulk Hogan. Michaels did nothing to "spread the word" about the WWF or pro wrestling in general; he was completely selfish, self-absorbed, and unwilling to let anybody (except for Triple H and Kevin Nash) into his little world that he was the star of. Hogan, selfish and egotistical to be sure, but he worked his a*s off to "spread the word" about pro wrestling in general and the WWF in particular to the entire world and got the WWF (and pro wrestling) known throughout the entire world that didn't know about it before.
Hogan tried to do the same with WCW in the 90's. He had some success, but not on the scale of the 80's. He's trying to do the same with TNA today.
Flair is the "god" of wrestling because he's it's best and most complete performer in it's history.
Hogan is the "jesus" of wrestling because he's the one who's done the most (and best) work in "spreading the word" about pro wrestling in general, and the companies he's worked for in particular.