I've been waiting a week to post this.
Some notes: Since this is a hypothetical roster anyway, several of my choices are based on what I think will happen outside of Smash, such as certain franchises getting new games. I also am working under the assumption that it will be a new director, meaning the director of this new Smash is not beholden to the traditions of previous Smash games.
With that said, here it is.
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Newcomers:
*Note: This list is going by series with the exception of Ridley.
Ridley:
Revealed at E3 2018, Ridley is the single-most popular newcomer request in the US. He is a fast fighter in the air, but slow and powerful on the ground. His Final Smash is Meta Ridley.
Captain Toad:
Included due to the demand and popularity for Toad. His moveset involves changing the load of his huge backpack to alter his weight and power. Has Toadette as an alternate costume.
King K. Rool:
King K. Rool is a powerful heavy-weight who switches between three costumes to change his arsenal. One of the most intensely demanded newcomers worldwide.
Dixie Kong:
Sharing many moves with Diddy Kong, Dixie Kong fights using her ponytail and bubblegum in place of Diddy's popgun and tail. Added due to having similar popularity to King K. Rool.
Midna:
Serving as a brand-new Zelda character, Midna rides a phantom wolf into battle and they attack together in unison, Midna using her hair and the wolf biting and scratching. Included due to the popularity of the character and to promote the remake of Zelda: Twilight Princess.
Impa:
Impa, being a Sheikah master herself, uses the same techniques as Sheik used to use in combat. Her Final Smash is different however, creating a Triforce Barrier and blasting the enemy with magic power. Sheik is an alternate costume for her.
Venusaur:
Ivysaur from Super Smash Bros. Brawl has evolved and returned to the battle as Venusaur. Its moveset is mostly the same, but it has a new down special move and Final Smash.
Ashley:
Added to promote the success of the new Wario games. Ashley uses her magic wand, which is actually her partner Red, to transform into various dangerous objects. She was barely chosen over Waluigi for her spot.
Excitebiker:
Added as the traditional retro character, Excitebiker stays mounted on his bike at all times, attacking with wheelies and bike tricks. Their movesets takes inspiration from Mach Rider.
Isaac:
Isaac uses earth magic to unleash huge magic attacks from a distance, and uses his sword to keep enemies away. Added due to his popularity and has Matthew as an alternate costume.
Sami:
Sami's moves are inspired by old shoot-em up games. She uses various guns and explosives in battle and summons artillery and infantry to help her out.
Ringside Duo:
The Wrestler and Reporter from Rhythm Heaven appear as a tag team. The Reporter asks the Wrestler questions and praises, and by answering and posing with proper timing, the teams attacks become stronger! Added due to the sucess of Rhythm Heaven.
Inkling:
Inklings were added due to the success of the Splatoon series. They use their various weapons and tools to cover the stage in ink and gain control over it. Each different costume has a different color of ink.
Goku:
Goku, added to be a surpise newcomer and due to Dragon Ball games' popularity, fights using various martial arts and ki techniques. In order to use these abilities Goku must have ki energy, which he gains from fighting and powering up. At full ki power, Goku can turn into a Super Saiyan.
Veterans:
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Mario: Same as in Smash 4. Has Dr. Mario as an alt.
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Peach: Same as in Smash 4.
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Bowser: Same as in Smash 4.
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Luigi: Redesigned to use the Poltergust in some of his moves.
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Bowser Jr.: Same as in Smash 4. All Koopalings and Jr. now have 4 colors.
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Rosalina: Name shortened to just 'Rosalina', as she uses multiple Lumas.
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Wario: His side special is now the Shoulder Bash, and Wario Bike is now his Down Special.
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Yoshi: Same as in Smash 4.
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Donkey Kong: Same as in Smash 4, but is a bit faster.
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Diddy Kong: Same as in Smash 4, however his air attacks launch a bit farther.
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Link: Has a new, younger design and voice, and is a lot faster than before.
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Zelda: Has a new, younger design as well, but her moveset is mostly the same.
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Ganondorf: Has been completely redesigned, using the Trident of Power and dark magic.
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Samus: Same as in Smash 4, but is redesigned to match the new Metroid game.
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Zero Suit Samus: Same as in Brawl, but retains Rocket Jump. Has new alt colors based on Ending cutscenes.
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Kirby: Same as in Smash 4, but Hammer returns as his Side Special.
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Meta Knight: Same as in Smash 4, but his regains his glide ability.
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King Dedede: Same as in Smash 4.
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Fox: Has a new look and voice to match Starfox U, but otherwise is the same as Smash 4.
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Falco: He is now completely decloned from Fox. The Arwing is his Final Smash now.
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Wolf: He is the same as in Brawl, but redesigned to match Starfox U.
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Pikachu: Same as in Smash 4.
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Jigglypuff: Same as in Smash 4.
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Mewtwo: His moveset is a hybrid of his Smash 4 and Melee moves.
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Charizard: Same as in Smash 4.
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Lucario: Same as in Smash 4.
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Greninja: Same as in Smash 4.
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Captain Falcon: Has a new look and voice based on the new F-Zero game and some new moves.
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Ness: Now borrows some moves and animations from Lucas, but otherwise the same. Has Lucas as an alt.
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Marth: Slightly slower and stonger than Smash 4, and has more range. Redesigned to look tougher.
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Ike: Same as in Smash 4.
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Robin: Redesigned to resemble the Tactician from the new Fire Emblem.
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Lucina: Almost completely decloned from Marth, and is much faster. Has her masked version as a costume.
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Pit: Same as in Smash 4.
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Palutena: Mostly the same as Smash 4, but her Special moves are a bit different, and she has a new Final Smash where she summons her army.
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Olimar: Returns to using six Pikmin, but uses still uses Wing Pikmin.
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Villager: Same as in Smash 4, but has more costumes.
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Little Mac: Same as in Smash 4.
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Wii Fit Trainer: Same as in Smash 4, but redesigned to match the new Wii Fit.
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Ice Climbers: Same as in Brawl, but has a new up special: Condor.
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Mr. Game & Watch: Same as in Smash 4.
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R.O.B.: Same as in Smash 4.
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Duck Hunt: Same as in Smash 4, but only summons one gunman.
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Shulk: Mostly the same as in Smash 4. Has new costumes.
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Sonic: Mostly the same as in Smash 4, but has a new side special, Boost Dash.
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Mega Man: Mostly the same as in Smash 4.
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PAC-MAN: Same as in Smash 4.
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Mii Fighters: As custom moves are gone, their default specials are different.