Reggie told the VGAs that the DLC characters will be from series we have "never seen in Smash, whatever the form".
Sakurai wants to integrate characters that are "unique" and "different" into the Smash Bros. environment.
There are only 12 new fighters for Ultimate, it seems obvious that these 12 elected are each from different series, and different publishers for non-Nintendo content. No license will have had 9 or 4 non-Echo representations : Mario/Pokemon 8 - Zelda 6 - Fire Emblem 5 - DK/Metroid/Kirby/Starfox 3. Not 4.
-> Bye bye Travis Touchdown, Master Chief, Dante + Konami, Sega, Monster Hunter, Lloyd Irving, Heihachi Mishima, Rayman... and all the characters of the Nintendo licenses already represented. Rareware ? Be careful... King K. Rool and Krystal were created by Rareware.
Happy holiday season!