Let me see here (Let's take into account ChaosZero, ShadowXOR and GameFaqs guy and ignore the 35 character roster for a second):
Mushroom Kingdom: 4-5 Reps (if we should keep Mushroom Kingdom's franchise amount the same as Melee)
-Mario
-Luigi
-Peach
-Bowser
-Bowser Jr.? Paper Mario?
Zelda: 4-5 Reps (see Mario)
-Link
-Zelda/Sheik
-Ganondorf
-Toon Link
-Vaati? Midna/Wolf Link?
Pokemon: 4 Reps
-Pikachu
-Jigglypuff
-PT
-Lucario
StarFox: 3-4 Reps (They won't get more than Mushroom Kingdom, Zelda or Pokemon for **** sure)
-Fox
-Second Rep
-Third Rep
-Possible Fourth Rep
(Toss up among Falco, Krystal, Wolf & ROB64)
Metroid: 3 Reps MAX (Let's think about this. Sylux and the hunters aren't characters, that's a fact)
-Samus/ZSS
-Ridley
-Dark Samus
Fire Emblem: 2-3 Reps (I doubt they'll remove Marth)
-Ike
-Marth
-Micaiah
DK: 2-3 Reps
-Donkey Kong
-Diddy Kong
-King K. Rool (if you think Dixie's going here, you're out of your **** mind)
Earthbound: 2-3 Reps
-Lucas
-Ness
-Claus? Porky?
Kirby: 3 Reps
-Kirby
-Meta-Knight
-King Dedede
Single-Rep Franchises:
-Pikmin & Olimar
-Yoshi
-Sonic
-Snake
-Wario
-Mr. Game & Watch
-Ice Climbers
-Pit
-ROB?
I'm getting 41 Max out of this (the ROB in question is still subjective right now), currently. Actually, at this point, if we remove the questionable fifth reps from Mario, Zelda & Starfox, we get 38. A Very GOOD 38.