On the subject of 2nd Sonic character speculation in Ultimate, here are my thoughts:
I still think that there should be a second Sonic rep-I know Sega has three reps, but Sonic is one of the most influential icons of the 90's and has one of the strongest followings as well as one of the biggest hate trains of gaming. Not to mention his 30th anniversary is next year, which would be the perfect time to announce one of these characters for a Challenger Pack.
Anyways, that's what I think. Might put this in Newcomer Speculation as well.
Shadow is my most wanted, and his odds certainly aren't bad. He's the second most popular character in the franchise and, at least from what I've seen, the most highly requested Sonic character. He's also Takashi Iizuka's (head of Sonic Team) favorite character, so if Sakurai was just going to include Iizuka's favorite character, it would be Shadow. Shadow is pretty similar to Sonic (so he'd be easier to develop than a newer character) while also having more than enough differences from Sonic for a moveset of his own (so fewer people get upset over buying an echo or semi-echo, which Shadow wouldn't be if he were in fp2 as a CP). Alternatively, they can make him a non-challenger pack character but he would be an echo without a stage or music-though I'd at least like to see Throw It All Away make an appearance. The biggest thing holding Shadow back are being an Assist Trophy, but since Min Min broke that spirit rule mere months ago, I think Shadow could do the same. Another thing is that if he was to be an echo, Metal Sonic would be the much more obvious choice.
Dr. Eggman, however, has just as much of a chance as Shadow, if not more. He's one of the few characters that returns for every installment, even when the series tries to completely reboot or reinvent itself. He was the very second Sonic character and arguably the first if you count his developing stages, where he was originally pitched as Sega's new mascot before Sonic was a thing. He's more important to the series than any of the other characters I mention here and has more moveset potential as well (imo). He's an extremely expressive character which would make his taunts and animations an absolute delight, and his many appearances throughout the franchise mean he won't really upset many Sonic fans with his inclusion alone. The biggest thing holding him back-well, if I'm being honest, Shadow and Bowser Jr. Shadow is the more heavily requested character from what I've seen, but that's not a huge deal, Sakurai won't choose a character on want alone (correct me if I'm wrong). Bowser Jr, is a weird case, because he also possesses a flying fortress (no pun intended) that has various tools coming out of it to attack his opponent-which is more or less how I'd imagine Eggman. They have more than enough material to make him different, but the fact that BJ already has a flying automobile of his own might ward Sakurai off of making a moveset for Eggman, fearing they would be too similar. Still, my bet's on Eggman.
Knuckles is like Shadow, where both are assist trophies that share traits with Sonic in thier games. Knuckles has lots of potential for a moveset, where he'd be a kind of glass canon that deals lots of damage but dies just as early as Sonic. He has things like the glide, melee attacks, and climb to differentiate himself from Sonic. I don't possess strong feelings for Knux as a fighter one way or another, but he would be a logical choice to please the majority of the fanbase (as
Wario Wario Wario
said in a profile post a while back). Knuckles is a wise choice, but I think he has the least chance of these four characters.

Tails is the strangest case. He's similar to Sonic, but more so is Shadow. He's a very early character in the series, but Eggman is earlier. He's a friend of Sonic's, but so is Knuckles and Shadow. He has lots of moveset potential, but so do Shadow and Eggman. I can totally see Sakurai going for Tails if he's aiming for protagonists only, because while Shadow and Knuckles are also protagonists they are also Sonic's rivals, plus Tails is Sonic's best friend. As it stands I also don't have strong feelings for Tails but would love it if he got in, as I would with any other Sonic character. He doesn't have much holding him back, apart from the "Sega has three reps" argument, which also applies to everyone else here.
Anyways, that's what I think. Might put this in Newcomer Speculation as well.