Someone asked earlier what people think the long silence means from Nintendo...well, I don't think anyone would argue that Sakurai and co. have just been twiddling their thumbs for months and months, doing nothing. I think, at this point, we're down to one of two outcomes:
They could have just developed two characters during this timeframe that they'll release in the near future and end the game's DLC with that sort of anticlimax. In this scenario, the team would have ideally released Ryu and Roy over the summer, so as to create the appearance of being hard at work developing 'more stuff,' but bumped them up to June due to their horrid coding ruining the surprise.
On the other hand, they could still be at work developing a slightly larger number of characters (3 newcomers and Wolf is my guess). In this scenario, we were supposed to get some sort of reveal over the past few months, but Iwata's death resulted in everything being thrown into a state of flux. Whereas you can dump out Splatoon weapons and Mario costumes over Twitter, Smash characters are a much bigger deal. As such, due to this delay, we'll be getting probably two, maybe even three in one fell swoop, next time a Direct happens.
It's clear which outcome would be preferable, but in terms of which is more likely? Probably the latter too, since one character from the ballot would be a crushing disappointment, but you never can tell.