So, I noticed everyone is kind of riding the high right now so I wanted to take a moment to snuff out one of the worries people have: today's random Mii costumes. I know a lot of people were holding their breath during that segment but I don't think the situation is anything to worry about. Let me explain:
-Why were there no Banjo or Microsoft costumes?
If I had to guess, probably complications in copyrights or Microsoft only agreed to certain assets. Nintendo and Microsoft are still competitors, after all. The Bird and Bear Pair are basically step children in this relationship and, like those situations, there's only so much that's permitted and compromises are made. This all being said, this means they needed to fill in the gaps.
-What's up with the random characters?
Perhaps they're not as random as people may think. Joker was paired with SEGA characters, right? Hero was all Dragon Quest characters. In this pack we got Goemon, Protoman, Zero, and Sans as third party characters. Konami, Capcom, and, er... Toby Fox. What's something similar about Konami and Capcom? They both already have three characters in Smash: Snake, Simon, and Richter for Konami and Megaman, Ryu, and Ken for Capcom. We now know that SNK is the company of the fourth rep and there's only one more for the pass. If #5 was a Konami or Capcom character, they simply could have waited for that pack. Conclusion? There's a very high probability that #5 doesn't belong to Konami or Capcom.
When it comes to Terry's Mii costumes I personally have a hypothesis. I believe that most of the "snubbed" characters in the trailer and probably Heihachi will have Mii costumes to follow the fighter/beat-em-up theme. Heihachi belongs to Namco, another company I don't believe will be represented in this pass and hasn't yet in any form either. So now let's get to the cause of people's concerns...
-What if Geno is still a Mii costume?
I don't think that will be the case. As I've demonstrated, the Mii fighters in Pack #3 actually weren't as random as we originally thought. In a way, they filled "holes." Obviously, with only one character left, Konami and Capcom can't both have a fighter in the fighter pass and both being present now makes me strongly believe that neither with be involved with #5. What can we conclude from this? If the axe were meant to fall for Geno to be a Mii costume, logically it would have fallen with Hero. Geno's from Square and Pack #2 was the Square showcase and they decided to dedicate it entirely to Dragon Quest. Random Square Enix characters popping up later as Mii costumes in this pack is very unlikely.
In conclusion, the victory with Geno not being a Mii costume with Hero is definitely still relevant and definitely mattered. I think the odds are in our favor that Geno's not going to be a Mii costume because the time frame in which it would have made the most sense to reveal him as one has already passed. All this said, I think we have a pretty clear path ahead of us so don't get discouraged and feel confident that we have the wind at our backs in this.