I'm racking my brain trying to think what changed over the course of seemingly half a day that has given us Fatman (mostly) Unchained. Something pretty substantial must've happened behind the scenes.
Anyway, I really don't feel like Lloyd is #5. I'm recently really latched to the theory that Reggie was not fronting or advertising - the trend thus far has been characters/franchises not just not represented in this iteration of Smash, but characters/franchises not represented in any Smash game ever, and only one of them was even close to being represented, as a trophy, according to Sakurai supposedly - unless you want to reach like Mr. Fantastic and say that King of Fighters has been repped since Smash 4 thanks to the invitations. I think Fighter 5 could be revealed tomorrow and turn out to be a first party Nintendo character, but even in that situation, they'd have to have never been in Smash in any form whatsoever, not trophy, sticker, costume, not even a music track.
I went off about it not long ago, but to once more be the biggest debbie downer possible, seriously think about the implications of Lloyd being #5. In a DLC season of characters no one asked for (Banjo excluded), they decide to upgrade one final costume from 4... and it's generic anime protagonist Lloyd Irving. In the baleful universe where these 5 characters are all we got, I think it would be safe to say at that point that everyone who ever wanted Geno is a ****ing joke to Sakurai and Nintendo. Not even Nintendo is that dumb.
Honestly, I kind of have my doubts that #5 is even a Namco character. A lot of their front runners, by the above mentioned trend, are dead in the water thanks to Pac Man's taunt, of all things - Soul Calibur being one of the few franchises not represented by it.