Central States was where old wrestlers went to die... Or retire. It was pretty boring stuff. Bulldog Bob Brown. Need I say more. Old school, but bad, boring old school.
Great territories? Mid-South/UWF. Florida (CWF). Mid-Atlantic. Georgia (GCW). Don Owens' Pacific Northwest. Roy Shire's San Francisco area. St. Louis. Amarillo (60s to mid-70s). Calgary was good until the mid-80s. LA had some great moments from the 40s through the early to mid 70s.
AWA had all the goods and talent, but couldn't change with the times. WWF stole/took all of their young talent. Curt Hennig, Scott Hall, John Nord (not a big name, but he was taken, too), Hulk Hogan, and Mean Gene were in the AWA. They took the announcer Ken Resnick, too. Hogan had been a heel in the WWF, he went to Japan and became a face. He went to the AWA as a heel/face and hit it huge there.
WWF took many of the biggest from the Mid-South, like JYD, Jake the Snake, One Man Gang, and Butch Reed
WWF was also a territory, just like the AWA. Until Vinny Mac took it over and aggressively went after territories and their talent.
WCCW had some big moments, but once 1986 hit, it was a rapid downhill for them. From the great Von Erich vs Freebirds feud (among other things) to John fucking Tatum. HUGE drop-off.
Memphis was a territory of mostly small guys. Lots of great story-lines. Innovative tag teams started there (Rock and Roll Express, Bruise Brothers, the Fabulous Ones). Great managers came from there (Jimmy Hart and Jim Cornette). Of course, so did Downtown Bruno. For all the great that Memphis had, they laid a lot of duds. The area was dominated by Jerry Lawler as much or more than WCCW was dominated by the Von Erichs, and for a much longer time period.
Georgia, Florida, and the Mid-Atlantic were hotbeds of talent, possibly the hottest for talent. Mid-South had great storylines and was not shy on talent either. It was a big-man's territory, with a lot of David vs Goliath storylines. These 4 areas were the very pinnacle for me. Florida was Dusty Rhodes. Mid-Atlantic was Flair, Steamboat, Valentine, Mulligan, Wahoo, Piper, the Anderson Brothers. Georgia was Mr. Wrestling II, the Masked Superstar, Ole Anderson, Tommy Rich (gag), Stan Hansen, Ted Dibiase, Bob Armstrong.