In 1970, Bockwinkel joined the American Wrestling Association (AWA), where he formed a team with wrestler Ray Stevens and manager Bobby Heenan. Together, they won the AWA World Tag Team Championship three times, the first in 1972. They defended the belts against such opponents as The Crusher, Dick the Bruiser, Billy Robinson, and Verne Gagne. The team eventually broke up after Stevens attacked Heenan when the latter praised himself and failed to comment on Stevens during an interview. Bockwinkel also teamed with Pat Patterson on occasion.
With Heenan still as his manager, Bockwinkel won the first of many AWA World Heavyweight Championships on November 8, 1975 at the age of 40, ending Verne Gagne's seven-year reign. As AWA Champion, Bockwinkel had feuds with Billy Robinson, Dick the Bruiser, The Crusher, Tito Santana, Mad Dog Vachon, Jerry Lawler, Otto Wanz, Mr. Saito, Jim Brunzell, Greg Gagne, Verne Gagne and Hulk Hogan. Bockwinkel was involved in the first ever AWA versus World Wide Wrestling Federation (WWWF) World Title Unification match, wrestling WWWF Champion, Bob Backlund, to a double count-out, on March 25, 1979, in Toronto.
Bockwinkel's first reign lasted for 1716 days and ended on July 19, 1980 when he was defeated by Verne Gagne. Shortly after regaining the AWA World title, Gagne announced his retirement from professional wrestling, and the AWA Heavyweight Championship was awarded back to Bockwinkel on May 19, 1981. This move infuriated wrestling fans throughout the AWA, and it solidified Bockwinkel as one of the most despised wrestlers in the world.
Perhaps the biggest controversy surrounding Bockwinkel and his title reign involved a series of matches with Hulk Hogan, whom Gagne signed after Hogan left the World Wrestling Federation in 1981. In June 1982, Hogan defeated Bockwinkel by pinfall in St. Paul, Minnesota to capture the AWA World Title, but AWA President Stanley Blackburn reversed the decision and returned the title to Bockwinkel, who went on to lose it to Otto Wanz and regain it with Heenan's help in the span of two months.
On February 22, 1984, Jumbo Tsuruta defeated Bockwinkel to capture the AWA World Heavyweight Championship in a match where Terry Funk was a guest referee. On an AWA card, Bockwinkel wrestled WCW World Champion Ric Flair for the title on January 16, 1986 at the Winnipeg Arena; the bout ended in a double count out. Bockwinkel last held the AWA World Championship in 1987, at the age of 52. He became popular in a feud against then-AWA champion Stan Hansen. When Hansen failed to appear for a title defense, Bockwinkel won the title by forfeit. Hansen had quit the AWA from that point. Months later he dropped the championship to another second generation wrestler, Curt Hennig, at SuperClash. The match ended in controversial fashion due to interference by Larry Zbyszko, who had handed a roll of coins to Hennig to use on Bockwinkel. Bockwinkel retired in 1987, ending a career that spanned four decades. In one of his final matches as an active competitor, he paid Zbyszko back for costing him the AWA World title by pinning him on an episode of AWA Championship Wrestling after knocking him out with a roll of coins.
After departing AWA, Bockwinkel worked as a road agent for the World Wrestling Federation, also serving as a color commentator for occasional televised events after having been introduced at an arena show by Bobby Heenan as his replacement for the night. He was released in 1989.
He returned to the ring in 1993 at WCW's Slamboree: A Legends' Reunion. Bockwinkel wrestled former WCW World Champion Dory Funk, Jr. to a time limit draw as part of the undercard. In 1994, Bockwinkel became the on-screen commissioner of WCW. He was reunited on the program with Bobby Heenan but their former partnership in AWA was never mentioned.
On March 31, 2007, he was inducted in the WWE Hall of Fame by his former manager Bobby Heenan.
Bockwinkel made an appearance on WWE Raw on March 29, 2010, as part of Legends lumberjack match between Christian and Ted DiBiase.
Bockwinkel passed away on November 14, 2015.