With Metroid and Mario both having newcomers, and the next main Mario character already confirmed as an Assist, I don’t think they’ll be any characters from those series.
I also don’t think that Pokémon will be getting reps, seeing as how we have two veterans back, making a total of eight Pokémon characters with no clones amongst them.
Also, I don’t think LOZ will get more newcomers, due to Young Link’s return, who apparently is no longer a clone.
So, with all that said, here is my list:
Elma (Xenoblade)- With the success Xenoblade has become, I think a new rep is inevitable. While many people think Rex will be the one to join the roster, I disagree; Looking at past Smash games, characters making appearances from the previous consoles got in the game. Little Mac, Shulk, Rosalina, Toon Link, Wii FIT Trainer, and Olimar are all prime examples of this. While there are exceptions at times, I think Elma will get in due to this.
Qbby (BOXBOY!)- Some people may not take me seriously after this, but I think Qbby actually has a figting chance. We have yet to see an eShop rep, Qbby is the only eShop rep to have his own amiibo, and Hal Lab. has gone on record to say they want Qbby to gain popularity. Plus, he has quite a bit of moveset potential and Sakurai loves to find quirky characters for his games. If any eShop character would arrive in Smash, it’d be Qbby or Dillon, but at the moment, I think Qbby has a higher chance, thus why I excluded Dillon from my list.
Ashley (Warioware)- Ashley is a very popular character from an underrepresented series. Her abilities would provide neat moves and a cool fighting style. In the last game, she was an assist trophy, so Sakurai definitely knows of her existence.
Bandana Dee (Kirby)- Bandana Dee is part of the main squad in the Kirby games. Being the first spear user, he’d be a bit unique and practically has a moveset laid out for him. And with Kirby, King Dedede, and Meta Knight all together, no one is in the way to keep Bandana Dee from stepping into the spotlight.
Shovel Knight (Shovel Knight)- Shovel Knight is quite the popular series. It’s no strange to Nintendo consoles, even getting an amiibo. He’d have a very inspired moveset, being able to pogostick with his shovel and the simple fact that he has a shovel as his weapon! He feels like an obvious pick, and I’d be surprised if he wasn’t represented in Smash Bros. Ultimate.