In this thread I will list the most likely range of characters for each series (the bracketed number is what I think it actually will be) and then the reasoning behind it.
SERIES:
Mario (+Wario and Yoshi): 6-7 (7)
Mario, Peach, Bowser, Wario, and Yoshi are already confirmed and Luigi is almost for sure in the game. That is six characters. There are very few other Mario characters important enough to make it in. Some possibilities include Bowser Jr, Daisy, or Waluigi, but I don't see more than one of them getting in.
Zelda: 4-5 (4)
Link and Zelda are already confirmed. Ganondorf is very likely in and Sheik has a chance as well. Zelda should not get as many reps than Mario so there can be a max of 5 reps, but I don't think there are enough important characters. There could be five reps, but 4 is more likely considering only important characters will likely get in.
Pokemon: 4-6 (5)
Pikachu and Pokemon Trainer are confirmed and Jigglypuff has a high likelyhood of being in. I don't think that Pokemon should get more reps than Mario which gives them a max of about 6 (also anymore and they would be close to a quarter of the characters (asssuming there is about 40). There were four reps in the last game so they probably won't have less than four reps. Also, Sakurai seems to favot the first generation so I doubt he will include a rep from each generation just to be "fair".
DK: 2 (2)
Diddy and Donkey are confirmed and the only other plausible rep is K. Rool, but in my opinion he has more chance in being an assist trophy.
Mother (Earthbound): 1-2 (1)
Although not well known in North America, the seires is very popular in Japan. We have seen that there will be at least one Mother rep (because of the icon), but there is still a slight chance fror a second rep because of the recent release of Mother 3 because Sakurai may want to include a more recent Mother character.
Metroid: 1-2 (1)
Samus/Zero Suit Samus is confirmed. Sakurai said he wants to give series like Metroid more rep, but I think he has already done that by adding the transformation to Zero Suit Samus. There is still a chance for another Metroid character, but I think that Samus will be the only rep.
Star Fox: 2-3 (2)
Fox is already confirmed and I doubt there will be less reps than in Melee. There are a fair number of character choices, but I think two reps is the most likely (Sakurai seemed to like the suggestion of Krystal, who would likely be the second rep).
F-Zero: 1-2 (1)
Captain Falcon will most likey be in the game and I don't think another character from the series will get in because most of them are not very important to the storyline.
Kirby: 2-3 (2)
Metaknight and Kirby are already confirmed. King Dededed has fairly good chances of getting in, but I think he will end up being a boss.
Fire Emblem: 2-3 (3)
Ike is already confirmed and Marth is very likely to be in because he appeared in the first FE game and is an important character. There were two FE characters in Melee so there is a good chance for three in Brawl.
Retro: 2-4 (3)
Pit is already confirmed and it is very likely that two out of G&W, Ice Climbers, or another retro character will be in.
Other: 2-3 (3)
An Animal Crossing rep is very likely because of the icon. There are also other popular series that may have reps such as Pikmin or Custom Robo. I think there will likely be 3 'other' reps.
3rd Party: 2-3 (3)
Sakurai said in his journal that there will be tentatively 1-2 more 3rd party reps besides Snake so that's why I think there will be 2 or 3 reps.
TOTAL: 31-45 characters, but I think there will be 37 characters.
If you see any problems in my logic please tell me and give me a reason why and don't just say I fail.
SERIES:
Mario (+Wario and Yoshi): 6-7 (7)
Mario, Peach, Bowser, Wario, and Yoshi are already confirmed and Luigi is almost for sure in the game. That is six characters. There are very few other Mario characters important enough to make it in. Some possibilities include Bowser Jr, Daisy, or Waluigi, but I don't see more than one of them getting in.
Zelda: 4-5 (4)
Link and Zelda are already confirmed. Ganondorf is very likely in and Sheik has a chance as well. Zelda should not get as many reps than Mario so there can be a max of 5 reps, but I don't think there are enough important characters. There could be five reps, but 4 is more likely considering only important characters will likely get in.
Pokemon: 4-6 (5)
Pikachu and Pokemon Trainer are confirmed and Jigglypuff has a high likelyhood of being in. I don't think that Pokemon should get more reps than Mario which gives them a max of about 6 (also anymore and they would be close to a quarter of the characters (asssuming there is about 40). There were four reps in the last game so they probably won't have less than four reps. Also, Sakurai seems to favot the first generation so I doubt he will include a rep from each generation just to be "fair".
DK: 2 (2)
Diddy and Donkey are confirmed and the only other plausible rep is K. Rool, but in my opinion he has more chance in being an assist trophy.
Mother (Earthbound): 1-2 (1)
Although not well known in North America, the seires is very popular in Japan. We have seen that there will be at least one Mother rep (because of the icon), but there is still a slight chance fror a second rep because of the recent release of Mother 3 because Sakurai may want to include a more recent Mother character.
Metroid: 1-2 (1)
Samus/Zero Suit Samus is confirmed. Sakurai said he wants to give series like Metroid more rep, but I think he has already done that by adding the transformation to Zero Suit Samus. There is still a chance for another Metroid character, but I think that Samus will be the only rep.
Star Fox: 2-3 (2)
Fox is already confirmed and I doubt there will be less reps than in Melee. There are a fair number of character choices, but I think two reps is the most likely (Sakurai seemed to like the suggestion of Krystal, who would likely be the second rep).
F-Zero: 1-2 (1)
Captain Falcon will most likey be in the game and I don't think another character from the series will get in because most of them are not very important to the storyline.
Kirby: 2-3 (2)
Metaknight and Kirby are already confirmed. King Dededed has fairly good chances of getting in, but I think he will end up being a boss.
Fire Emblem: 2-3 (3)
Ike is already confirmed and Marth is very likely to be in because he appeared in the first FE game and is an important character. There were two FE characters in Melee so there is a good chance for three in Brawl.
Retro: 2-4 (3)
Pit is already confirmed and it is very likely that two out of G&W, Ice Climbers, or another retro character will be in.
Other: 2-3 (3)
An Animal Crossing rep is very likely because of the icon. There are also other popular series that may have reps such as Pikmin or Custom Robo. I think there will likely be 3 'other' reps.
3rd Party: 2-3 (3)
Sakurai said in his journal that there will be tentatively 1-2 more 3rd party reps besides Snake so that's why I think there will be 2 or 3 reps.
TOTAL: 31-45 characters, but I think there will be 37 characters.
If you see any problems in my logic please tell me and give me a reason why and don't just say I fail.