I never said get rid of Falco. Personally, I think Star Fox should have four represenatives just like Mario and LoZ.
My own list consists of everyone in Melee that had an original moveset, Ganondorf, Falco, and the five new ones...that makes 26 character slots and 27 characters (I'm confident that Zamus will have her own slot.) If we are going to 35 slots (36 characters), then just add in Krystal, Sonic, Diddy, Wolf, Nephenee*, Hitmonlee*, Laughing Dog*, and the alternate third-party and that meets the 35(36) characters. The three with astriks are more or less personal desire and could (and most likely would) be substituted with anyone else from the already going catagories increasing their count.
Mario: Mario, Luigi, Bowser, Peach (4)
Yoshi: Yoshi (1)
Wario: Wario (1)
DK: DK, Diddy (2)
Metroid: Samus, Zamus (2)
LoZ: Ganondorf, Link, Zelda, Shiek (4)
Kirby: Kirby, Metaknight (2)
Pokemon: Pikachu, Mewtwo, Jigglypuff (3)
Star Fox: Fox, Falco, Krystal, Wolf (4)
F-Zero: Captain Flacon (1)
Old School: Pit, Ice Climbers, Mr Game & Watch, Ness (4)
Fire Emblem: Marth (1)
Third-Party: Snake, Sonic, Alternate (3)
Toss-Up Slots: Hitmonlee, Laughing Dog, Nephenee (3)
Total = 35(36)
Now if Zamus were to be part of Samus (like Shiek is to Zelda) then we could have 35 slots, and 37 characters. If that were the case, I would add Ridley to the list giving Metroid three.
Ah, relative franchise representation. How touchy a topic. I see two things to consider: A. Franchise relevance, and B. number of available characters.
Here's how I rank franchise relevance:
(and these are my personal opinions base on the liklihood of the un-initiated to recognize these games.)
Mario (including Yoshi, and Wario in a sense)
Legend of Zelda
Metroid
Pokemon (very important games, even if the franchise outside the game is very tired)
Kirby
Starfox
Donkey Kong
Fire Emblem
Old School and Oddities (including Falcoln) (Should be largest in number, as it's lots of franchises.)
Third Party
Now, by my reckoning, Mario, Zelda, Metroid, and Pokemon are the headlining franchises of Nintendo. They should have four to five characters each. I would prefer, with five for Mario. Three for Kirby, Starfox, Third party, Fire Emblem, and Donkey Kong. And the remaining slots (5) would be filled by Old schools and oddities. But this is not a perfect world. Let us now analyze character availability.
Mario- Tons. There are the brothers, Mario and Luigi the rival brothers; Wario, and Waluigi; the damsels, Daisy and Peach; The villains, Bowser and King boo; The lackeys, Petey Pirahna and Bowser jr.; and the odd-jobs, E. Gadd and Toad. Phwa! A total of 12 characters. A lot of those are fillers, so let's boil it down to playable characters in adventure games and the central villain. That leaves: Mario, Luigi, Wario, Yoshi, Toad, Peach, and Bowser. Still a lot. 7, to be precise. Mario could easily fill nearly three tenths of the proposed roster. Crazy. We need to cut it off somewhere.
Legend of Zelda- Few. As the games occur over generations, the main characters are thsoe that keep popping up. There are three of these, and Tingle. Link, Ganondorf, and Zelda/Sheik(one character) are all well and good. After that we need to start craping out the barrel. What do we find? Tingle, a recurring merchant hated in America; Vaati, a villain from a few oddball handheld games who could have a decent shot if his humanoid form was ever caught doing ANYTHING; and Skull Kid, a character with a lot of personality and move options who only appeared in one game. I support The Hero of Winds, as Young Link is significant and because each Link is a different one, Windwaker Link is differentiated enough to be a separate character. I get the opposing argumnet, however. But if you are aainst multiple Links, we have slim pickings.
Metroid- Even Fewer! We have Samus, the obvious. She rarely even talks to anyone. She usually just blasted away enemies. Her recurring villains are Ridley, Kraid, Mother Brain, and Dark Samus. Dark Samus could easily not be a clone, but she doesn't have that much character on her own. Mother Brain and Kraid have fallen by the wayside in recent years, which leaves Ridley. I can dig Zero Suit Samus, as long as the transformation mechanic isn't the same as Sheik's. Samus never willingly changes, she just copes when she loses her equipment. I'm fine with just having Ridley and Samus, as there are so few characters.
Pokemon- The exact opposite of Metroid: way too many characters. We have 493 pokemon, and a trainer. Obviously, not all of these characters are viable smashers, but by what criteria are we to choose? Most people only had time to memorize the original 151. And even then, very few rose above the rest. With almost no pokemon standing out, and the inclusion of a trainer controversial we could either have way too many or two few. I see viable smashers as thus: Pikachu, Jigglypuff, Mewtwo, Lucario, Deoxys, a trainer, And a handful of others. Too many. I say we cut out the three most recent generation. The last two need more time to become classics, and no one special appeared in Johto. I put in a vote for Pikachu, Mewtwo, Jigglypuff, and Red (the trainer).
Kirby- Perfect. Three characters that keep popping up, and that form a nice dynamic with each other. Dedede, Metaknight, and Kirby are all good to go.
Starfox- BOrders on over abundance. We have Fox, Falco, Wolf, Krystal, and maybe pre-transformation Andross (Which would be made up like Falcoln). I'm all for the first four, but is Starfox really more important than Metroid? Three is pushing it. I'm in a pickle. Three or four? What to do? Adding two ccould be a strecth, but Falco isn't as original as Wolf (who I have de-cloned) and Krystal (staffs rock!).
Donkey Kong. Not too bad. Donkey Kong is there, Diddy is a no-brainer. We could add K. Rool, but he just falls flat for me. He's quite a cliche, and I just never bought him as a character. We could add Dixie, but she would unavoidably be a Diddy clone. I think it would be funny to include Cranky with the original Donkey Kong's moves, but the joke probably isn't worth the lost slot. I'm comfortable leaving it at 2.
Fire Emblem- So many characters, so few memorable ones. How about we stick to the Lords? Ohp! Most of them are swordsmen who are very similar. Luckily, there is an exception: Hector. Bad*ss axes are a yes. Eirika could also fit, but I personally doubt 'girl with sword' is different enough from 'guy with sword,' Even if they're different swords. I know most of you guys are only familiar with Path of Radiance, so am I. But don't make judgments based on that. We need to represent the whole franchise. I'm fine with two here, as well.
Old School and Oddities- Plenty to go around. I'd like as many as possible, frankly. Just stick to one per franchise, unless you think the whole frachise is good enough. Earthbound, F-Zero, Punch-out, and Kid Icarus characters reside here.
Third parties- Cut off at three. No debate about it.
Now, if you think a franchise needs representation, start small. It can get more in Smas Bros. IV. Candidate I see are Battalion/Advance Wars, if the separation between CO and unit can be overcome so a moveset can be created, and Golden Sun, if another sequel is announced.
This turned out to be really long. Maybe I'll copy-paste it and make a thread...