This is by no means a perfect roster, but I think that it's fair for the most part.
Only cuts from Smash 4:

Sorry Lucina, I like you as a character a lot but... We really only need one Awakening cat and Robin is a lot more unique (And awesome) than you.
And also Pac-Man... I never wanted you. Pls go
23 Newcomers!
[collapse=Wart]
First party Mario villain with a bunch of potential and is generally underused. I see Wart undergoing a Koopaling-like revival soon. Out of the spotlight for years and years, and then suddenly back. I wouldn't be shocked if it happens.
Bubbles, vegetables, frogginess, trippiness.
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[collapse=Paper Mario]
the character with the most potential out of all of them, by far. Paper Airplanes, Hammers, partners, (Sigh) Stickers... Dude has got so much frigging potential it's ridiculous.
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[collapse=Dixie]
DKC TF made me love Dixie. Hair based combat, etc. Plus she's just so damned cute. A perfect fit.
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[collapse=K Rool]
See literally all arguments for K Rool. there's no reason at all for him to be omitted.
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[collapse=Masked Link]
I love me some Transformable characters like Pokemon Trainer. This character would be the epitome of a Majora's Mask character, which is one of the most popular games. It's also a totally kind of out-there character. Four forms- Young Link (Like Melee but w/o bombs since down B is transform), Deku, Zora, Goron. Why hasn't this happened?
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[collapse=Impa]
The last truly absent main Zelda character. She can/should be in the game, and not at all like Sheik. I like the Hyrule Warriors design with the Naginata and that
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[collapse=Rundas]
I know it isn't Ridley and that Rundas isn't a very well known character, but he's just so
interesting. Also, ice is criminally underused in Smash Bros.
[/collapse]
[collapse=Kamui]
A pseudo replacement for Lucina, but in no way a clone. The new Avatar! Complete with *spoiler* powers!
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[collapse=Sami]
I'm envisioning Sami being a semi-clone of Snake, since we
probably won't see him back again. This way the moveset is still used for the fans of the moves but, it's a Nintendo IP. And Advance Wars could do with some representation.
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[collapse=Bandana Dee]
Because why not? I'm not personally much a fan but I do feel like Waddle/Bandana Dee is the logical next/last Kirby character before moving towards of one-offs like Adeleine and Magolor (Though I could get behind the latter).
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[collapse=May]
Like I said, I <3 transforming characters like Pokemon Trainer. So in addition to Charizard going
back to where he belongs (And bringing in Ivy again <3), I've included a second trainer that covers generations 2, 3 & 5 with Snivy, Quilava and Swampert. This covers the rest of the generations (Pre-Gen 7 whenever that happens) and gives an all-around better look at Pokemon through the ages.
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[collapse=Black Shadow]
Ganondorf now has his own moveset, so give the old one to Black Shadow.
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[collapse=Slippy Toad]
Hear me out.
Turrets.
Or, really, just look at this glorious image:
A perfect plan! I have always loved turret-y/Drone characters in games (Of my 9 Mass Effect 3 playthroughs, 7 of them were the Engineer...) and Smash doesn't really have something like that. Slippy fits the bill perfectly and would be the first Star Fox character to not be a clone or almost clone.
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[collapse=Takamaru]
Don't know much about his game but he feels like a logical retro-choice in my opinion. A samurai knockin' about sounds like a good idea too.
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[collapse=Inkling]
We all know it's coming. I'm thinking like a good character solo but
really excels during teams. Throw ink on the ground, speeding up and supercharging teammates/yourself that are standing on it and slowing/weaking opponents stuck on it. Superfast Squid form too. Idk it's an easy fit that will probably happen
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[collapse=Dillon]
Basically a better

lol
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[collapse=Isaac]
Earth mage? Sign me right the **** up.
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[collapse=Tom Nook]
Really more of who I had wanted as an Animal Crossing rep in Smash, but you can't deny

's presence in the game. I do think that Tom Nook could encapsulate the
rest of the stuff in Animal Crossing though. Semi-clone? Maybe? I dunno. Fishing Pole grab a must though. Golden Shovel sometimes digs up bells that can be thrown at opponents. Final Smash puts victims into crushing mortgage debt.
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[collapse=Shantae]
Another hair-based fighter? You Shant kid me, sir!
I think that Shantae and Dixie can peacefully coexist, but I feel like Dixie's moveset would rely much more heavily on the hair bit than Shantae. I mean, she's like a genie so there's that.
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[collapse=Chibi-Robo]
New Chibi-Robo game looks super disappointing, but there's no use in denying that it's clearly a ploy to give the lil' Bot more moves so he can be in Smash, like Punch Out Wii did for Lil' Mac.
His plug-swinging makes him the Belmont everyone's always wanted to be in Smash, without having to cooperate with Konami. Win-win?
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[collapse=Geno]
I know, long-shot. And to be honest I don't really like Mario RPG that much. But, Geno is a shining example of glory from the game. Square and Nintendo have kind of re-opened their legs to each other again so maybe this can happen.
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[collapse=Rayman]
It was either him or Bomberman and while I love the white bomber... Rayman just brings more potential to the table, I think.
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[collapse=Banjo-Kazooie]
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