Okay, so, Capcom. Kind of a weird situation. As a basic premise, I showed off the Power of Six Theory here because one of the strongest things in its favor was that it matched up with our intel with one of the biggest takeaways that there was a high chance of another Namco, Square, and Capcom character coming eventually. From here, let's go into some focus points:
-The Fighter's Pass was initially final.-
An important thing to keep in mind is from various accounts including Sakurai that from roughly Spring 2018 to roughly Summer 2019, that the Fighter's Pass was going to be it. 5 characters. Done. Sakurai goes to Aruba for a few months. Why does this play against Capcom?
-All the characters in the pass have been the first new company additions for the game.
-Capcom added Ken in the base roster.
This provides strong evidence that the Fighter's Pass was also meant to end on a "new" company to Ultimate, even if the company was from a previous game.
On the topic of finality, I've highlighted this before but I'll go over it again. This is more or less the premise of my "Thank You" theory:
Joker- Persona inspired Sakurai in recent years.
Hero- DQ inspired Sakurai virtually all his career.
Banjo- A thank you to the fans, going the extra mile to get a literal competitor's character.
Terry- SNK got Sakurai into fighting games in the first place so, without it, Smash probably wouldn't exist.
???- More than likely another character from a company or franchise that has a decent amount of signifance to Sakurai.
Capcom really doesn't fit the bill here, especially when you consider the previous points.
-Capcom in Insider Talks-
It might come as a surprise to people that Capcom is actually a fairly new addition to insider talks. Even more shocking, it's actually the third youngest with Crash being the youngest. What does this mean? Of the 10 or so characters that we've heard since last September that haven't been hard deconfirmed yet, a hypothetical Capcom rep is ranked 8th overall. For frame of reference, the first rumblings of Crash were late spring 2019. What does this mean? It creates an interesting situation. As we all know, the Fighter's Pass was finalized in early November 2018. For further reference, the 1-7 (which includes Geno and Ryu) were all first heard in 2018. For even further reference, Hero was late summer 2018 and Banjo was first heard late October 2018. If the 5th rep was Capcom, there's definitely a significant time gap of roughly seven months, ironically first being heard in a near time frame from when "Season 2" was first being heard. That said, it provides an argument for Capcom being post pass and, based on the time frame it was first heard, probably futher down the line leading to the next part...
-The Mii costume approach-
So, this is where we move to the center of the arena. With Capcom being heard "late", it makes an argument that it would be later. Like I've said before, various strands of evidence already point to future DLC (5 included) having reps from Square, Namco, and Capcom. Compared to the other two, Capcom was heard significantly later, also suggested that it too will come later. Going back to the Mii costumes, the initial plan seems to point at that each pass was to come with at least two MIi costumes from Smash 4. It's been walked down to death but the Geno Mii and the Chocobo hat would have fit Hero's pass like a glove and the same with Heihachi with Terry. With three Namco, four Capcom, and one Square Mii costume (plus a hat) currently MIA, which would be the most practical to knock out in one pass? Four Capcom in one pass would mean that the hypothetical Capcom character would have equal footing to another series, with two being Megaman and two being Monster Hunter. Kind of strange. Banjo was the only exception to this because he had no RARE or Microsoft costumes at all but perhaps was originally intended to have more of Namco's or Capcom's, if we make the argument that the original idea was to bring back all the Smash 4 costumes with DLC. This is somewhat supported by how San's was supposed a fairly late decision and possibly beat out someone else. Let's take this even further...
What happens if we were to promote two of these eight? Gil goes with either Lloyd or Heihachi and Chocobo goes with Geno. Fairly simple, leaving four Capcom that could easily be split among the two for the sake of completion and still follow the "rule" that no more than two full Smash 4 Mii costumes from the same company come back with each character. Neat and tidy, seemingly suggested by the original layout of the Fighter Pass that probably no more than 3 Smash 4 Mii costumes were intended per pass and, even then, probably still following the "rule" of no more than two per company per pass. Of course, another simple division from all of this is that two of these four could simply come with a Capcom character in the future. Oh la la! Which company currently has the two costume default already set up no mater the default? Hint, it's not Square...
-Examining the Possibility of Capcom at E3-
So, dancing down this road. Namco can take care of it itself and sticking two Capom Mii costumes with the ~mysterious~ Square character is simple so now we just have two Capcom costumes floating in the void. What's a more natural place to stick them then with a future Capcom character? Again, based on when we heard about a hypothetical rep, it suggests E3 or later if they even happen at all. Why also possibly later? Because, very recently, the Capcom name that we had been hearing since the summer was accused of being leakbait! Scandal! The keyword, however, is "accused" and, with no hard evidence yet, it merely casts doubt than entire damnation. Why is this significant? Because "leakbait" implies that it's information being used to purposely misdirect to cover up real information. The most famous example in the Smash fandom right now is how Steve was leakbait to protect the whereabouts of Banjo. If Capcom really is putting out leakbait with another character, who are they trying to cover up? From here, I suggest that the four Capcom franchises that have the most realistic chances in the future are: Monster Hunter, Phoenix Wright, Resident Evil, and Devil May Cry. Not a huge jump in logic because these are the four biggest franchises in the company not yet with a playable rep. Now, in my personal opinion, it's not Monster Hunter mainly because of all the content it got in the base game with music and even a boss. In my opinion, the Mii costumes are highly likely to return (probably with the hypothetical Capcom rep) but there would be little doubt of that regardless. So that then leaves the remaining three and begs the question, which is leakbait and which is real? Mystery upon mysteries. I only know the accused but they could be "innocent" or... they could all be bull****! Fun times!
Hope you all enjoyed this ramble on the whole Capcom topic. As always, this is merely my own speculation and I could be violently, unforgivably wrong on all of it but perhaps it's something to consider none-the-less.