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It's not 316, it's Austin 3:16 like in The Bible there's John 3:16. Austin 3:16 is actually a parody of John 3:16. Steve Austin just won the King of the Ring tournament by defeating Jake "The Snake" Roberts. Roberts' gimmick at the time was that of a born again Christian spouting Bible quotes (most notably John 3:16). Upon defeating Roberts, Austin said in the interview afterward and i quote "You talk about your John 3:16's; Austin 3:16 says I just whipped your ass!" The quote has stood as a symbol of the rebelliousness of Austin ever since and Austin 3:16 has become pretty much his unofficial slogan/symbol/calling card. "And thats the bottom line, cause Stone Cold said so!"

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Q: What does 316 mean for Steve Austin?
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