So I just wanted to speculate on what I think are the remaining characters. I feel since Koei tecmo got a spirit event that Hayabusa is still possible but maybe even leakbait since literally everyone thought his chances were super high in pass 1. We could get a mii costume of him as well possibly. Another one I feel is possible is a Arc systems works rep considering we got that River city girls spirit event awhile back. Remember we did two SE spirit events Octopath Traveler and Trials of Mana and then we did get Sephiroth recently! It could happen again with another company.... I still feel like regardless of that activision spanish source leak being real or not that Crash is likely to be represented.
Then we have KOS-MOS and Reimu. They first appeared in a fake together but both of their cases were extremely odd. KOS-MOS having that mod taken down was weird enough but we also had that Reimu doujin circle thing never get disproven. It could mean that both of these characters were planned for fighter pass 2. KOS-MOS as I have always said has a lot of reasons to get in and her sort of "double rep" in Namco and Monolith gives her the chance to represent smash. If 5chan is real then that explains everything. 5chan even gave me the idea of a leakbait theory as well as the 5chan poster did say that he thought the picks were negative "aggressive" lineup. Isn't it odd that this leak is the only one with two Japanese reps alongside a Western rep? The other leaks people talk about dont feature KOS-MOS or Reimu. I always found that odd and while people can argue that's a hit against it because KOS-MOS and Reimu appeared in the fake leak last year together.... there's literally no evidence to suggest that was what the 5chan poster did. It was a year after and this guy said Sephiroth was coming and no mii costume promotions for smash 4 mii dlc. This is what leads me to believe both were planned as early as fighter pass 1 if real. Since I am basing my predictions/speculation off this I am going to assume Lloyd and Monster hunter mii costumes are returning.
While the KOS-MOS mod getting taken down was a extremely odd case, it was done by the time fighter pass 2 was greenlighted with finalized characters, we now know that Byleth may have originally not been fighter #5 now. Lately there have been hits against Nintendo taking down mods though. Nintendo removed a goku mod, among us mod, and fans game mods all related to smash. We can argue that it might not mean anything as it seems very recent that Nintendo only started caring about taking down various mods, but the two super mario ost that Nintendo took down are still down as well
and here's the KOS-MOS mod still copyrighted by Nintendo unlike the Geno videos (weird but maybe the original uploader for those geno videos removed his videos?)
Anyway, 5chan Is the only "leak" I am paying attention to currently because other "leaks" such as that 40 character list leak seem unrealistic. I think characters such as Doomguy and Rayman while certainly possible do feel like leakbait. Doomguy was only speculated because of cacomallow which we now know is 100% dead and Rayman afaik was only because of some "Rayman is in the ice" theory that never amounted to anything. Also did anyone notice that the 40 character list leak people are talking about again has Terra? Terra was referenced in a Sakurai interview along with Onion Knight and Bartz when he said they wouldn't feel anything like Cloud back in smash wii U. That gives a huge red flag already and as much as I want Terra why would they consider her along with Sephiroth on the same list? Also, another one I recently thought that would never be considered is Jin and Lora on that list. Huh? Lora wasn't even known to fight by the time fighter pass 1 was in decision stage. Takhashi started the concept of Torna as early as 2015 but didn't get back to it for awhile and she was just a character in Xenoblade 2's various cutscenes. If anything that means Lora and Jin were only in concept stages for Torna by then and it was the very foundation for Torna's buddy battle system. I just dont see how that would be considered by Nintendo right away for smash. The list may have had Terry but is Terry really that hard to guess? Sakurai was known to like KOF already and Terry is probably one of the faces that is easier to guess. The others are also all easy guesses like Banjo, Steve, etc. Type a list of 40 characters randomly and some will appear in smash.... that's just what that leak is. I'm calling it 100% fake for now. In the same vain i'm also going to say the Chun Li leak has zero merit. Too early in development to know all that information and it is largely piggybacking off what Vergeben had at the time with Erdrick.
Other remaining characters: I dont think we are getting a league of legends rep despite insane popularity in Japan's esports scene, and Falcom rep such as Adol or Estelle might be possible but again both these leaks are just another case of the old Dante leak we had that had information but not smash information. Furthermore, I feel like many leaks like that put smash in their text just to bait people into thinking it is real and then it is talked about ad nauseum.
TLDR: I think Crash, KOS-MOS, Reimu, Hayabusa, Arc systems works are possible. The others I mentioned such as Adol, Estelle, League of legends, Rayman, Doomguy are less possible.