With only one character left, does anyone still think that we're getting an M-rated character? I know that the theory was popular when, between Terry's release and Byleth's announcement, some ESRB policy appeared to change so that M-rated games couldn't be directly advertised in advertisements for games like Smash (leading to "Smash Bros. x ALTAIR" or "Smash Bros. x TRAVIS", and resulting in all of the series icons at the top of Fighters Pass advertisements being removed), and Fighters Pass 2 was also lacking those series icons.
However, PEGI seems even stricter about this sort of thing than the ESRB is, if the header for Kazuya's announcement is any indication:
North America:
Europe: (not sure if this was the case for Pyra/Mythra or Sephiroth)
Asia:
As a result, I'm not sure if removing the logos from FP2 was just a precaution or not. (so that way, if the rules changed so that they couldn't advertise T-rated games either, they wouldn't have to change anything) There are a few characters from M-rated games that I'd love to see in Smash (Dante, Doomguy, 2B, Ryu Hayabusa (if we're going by his modern games)...), but with one character left, I'm not sure. (then again, Smash 4 ended with Bayonetta, so they have no problem with ending off with one)