Maybe. I feel like Phantasy Star is one of those actual dark horse candidates when it comes to Smash. For one, it's finally starting to get back attention in the West after like, 8-9 years. So it's not entirely unknown. Two, the original Phantasy Star was an important and influential game, for both RPGs and Sega.
- For RPGs, it was one of the first RPGs to have actual named main characters or Pre-determined characters rather than a character you gave a name to and sometimes could customize, one of the first ones to have a female lead, one of the first RPGs to use a science fiction setting compared to Tolkien fantasy, basically, it broke alot of molds that were created with Dragon Quest and Legend of Zelda.
- For Sega, it was the game that gave rise to the legends Yuji Naka and Naoto Ohshima who would make Sonic the Hedgehog, as well as Nights and Burning Rangers. Yuji Naka would also make Phantasy Star II alongside legendary Sega artist and producer Rieko Kodama, who would direct Phantasy Star IV, both of which were critically acclaimed games, and Kodama would go on to produce Skies of Arcadia, which was also critically acclaimed. And Yuji Naka would also be responsible for Phantasy Star Online, which would be the inspiration and influence for Namco's .hack series and Capcom's Monster Hunter, and it was also credited for being the influence for alot of multiplayer dungeon crawlers that would flood in Japan after it's release.
Without Phantasy Star and it's success, it is quite possible that alot of these games, especially Sonic the Hedgehog, may never have happened.
And last but not least, Phantasy Star II's Story Submission campaign was what inspired Sakurai to become a video game developer, as
@Captain Shwampy re-posted a while ago.
So basically, despite not getting alot of attention for Smash speculation, Phantasy Star has actually had a real impact on gaming and developers, including Sakurai. To me, this series would make a lot of sense as a "Terry" pick, where it's not one that gets alot of attention speculation-wise and is overshadowed by alot of more popular picks like Kingdom Hearts, Devil May Cry, etc. But it could be picked because of it's important influence to the gaming industry and the developers it inspired, like how Fatal Fury inspired Sakurai and was an important influence for Smash Bros.
I honestly don't believe that Phantasy Star is a lock. But I do think it has a reasonable chance. Will it bring the last fighter? Who knows? We have to wait and find out.