So If people want to use the the Logic that the following next 3 characters won't (on average) be as hype as the ones we already got now, I got a theory that could be considered disturbing for some
Min-Min really wasn't the most exciting start to a DLC Pass. I will say there's a good chance they revealed the fact we were getting an ARMS character first to bring more spotlight on ARMS, since they also revealed the trial in the same Mini direct, but if we take the fact Companies like to start with what they consider their more exciting characters in DLC, it still is kind of weird
Steve was The Hype Buster, no if's or buts. While some people are not into it, Steve heavily appealed to a very large audience that may not have touched Smash, while at the same time appealing to the Smash Community
Sephiroth is a really exciting character, but the thing about it is that he's still mainly appeals to audience that's already been tapped into, and being the 3rd character, he could be considered an Apex point of the pass
So if this Hype cycle theory is on to something, personally I think this is what could be expected of the Next 3 Characters
-If these characters come from New companies or Franchises, They are not a juggernaut franchise, or one that's familiar with Nintendo audiences
-Min Min and Steve might actually be the only characters that come from New franchises, and the following next 3 characters will come from represented franchises like Sephiroth. However, when compared to Sephiroth, they are either not as exciting, or if they are, are More controversial
However I don't think this theory goes into some of the more intracies. To be honest, regarding the FP2 they have seemed to revealing the characters when their Home franchises are most relevant. ARMS Character, Steve, and Sephiroth were revealed when their franchise was having relevant news, so that might be more important to adhere to than the order being what Nintendo consider to be hypest characters first, the less hype ones last
There's also 6 characters instead of 5. so that might change things, especially since going into 2021, and with the very famous Nintendo June directs, there could be spot to hit very high notes.