Clash Tournaments has polled it's sponsored players to put together a preliminary Project M tier list. Leading the way, much like the Super Smash Brothers Melee tier list, are Fox and Falco. Pit, Armada's character of choice to win Project M at Apex 2014, is in high tier. You can check out the scores of the tier list by viewing the article on the Clash Tournaments website. The tier list was based on using Project M 3.02 - you can go here to get the latest version of Project M. Here is the quick overview - let us know what you think in the comments!
Top Tier: Fox, Falco
High Tier: Zelda, Pit, Meta Knight, Wolf, Link, Ivysaur, Marth, Mario
Upper-Mid Tier: Lucas, Snake, Ike, Mewtwo, Sonic
Mid Tier: King Dedede, Wario, Captain Falcon, Lucario, Donkey Kong, Jigglypuff, Charizard, Roy, ROB, Pikachu, Samus, Bowser, Diddy Kong, Sheik, Squirtle, Ness, Kirby
Lower-Mid Tier: Yoshi, Luigi, Ice Climbers, Ganondorf, Zero Suit Samus, Mr. Game and Watch, Peach
Low Tier: Olimar, Toon Link
Top Tier: Fox, Falco
High Tier: Zelda, Pit, Meta Knight, Wolf, Link, Ivysaur, Marth, Mario
Upper-Mid Tier: Lucas, Snake, Ike, Mewtwo, Sonic
Mid Tier: King Dedede, Wario, Captain Falcon, Lucario, Donkey Kong, Jigglypuff, Charizard, Roy, ROB, Pikachu, Samus, Bowser, Diddy Kong, Sheik, Squirtle, Ness, Kirby
Lower-Mid Tier: Yoshi, Luigi, Ice Climbers, Ganondorf, Zero Suit Samus, Mr. Game and Watch, Peach
Low Tier: Olimar, Toon Link