So anybody have any theories as to why a character has not been announced yet?
I personally believe that they're holding off at least one completed character so they can released it with the next one and/or a ballot announcement for who was chosen
Wolf's Development Cycle.
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June
Employee: Mr. Sakurai! We've finished Wolf! He's ready to be released with Lucas, Roy, and Ryu!
Sakurai: No, not yet. Go make him even better.
Employee: You got it, Sakurai!
July
Employee: Mr. Sakurai! We improved Wolf even more! He's the perfect counter to Sheik and Rosalina! He's ready for the 31st!
Sakurai: No. Don't release him yet. Just release the Mii Outfits and we'll hold him until Star Fox Zero.
Employee: Uh, alright. We'll get to it, sir.
September
Employee: Sakurai, Star Fox Zero has been delayed. Let's just release Wolf now rather than wait...
Sakurai: No. In the meantime, make enough Wolf Amiibo's so that they can release the same day as Wolf and Star Fox Zero
Employee: Are you sure? He's already done, but we'll do it...
October
Employee: Look, boss, everything is ready. Wolf and the Amiibos are done, and people need news! Let's just give them Wolf!
Sakurai: Nah. Not yet. Go make 64-styled Pirate Wolf alternates for him.
Employee: Dude, come on. Ugh. Fine.