Assuming the next event will be a FE Online Tourney... that would make the next Spirit event happen around two weeks from now, right? Considering the extended amount of time in character development, the Spirit events will probably be what shifts speculation around the most.
I still think the Kunio Spirits point to an Arcsys rep. It's just a really odd choice compared to the other third party Spirits:
- Tecmo has Fatal Frame, but if I'm not mistaken, the Spirits are from two games that were co-developed with Nintendo.
- Marvelous is in a similar situation with Daemon X Machina.
- The Tetris Company doesn't have anything besides... well, Tetris. So it's not like they could get anything else in Ultimate besides that.
- Capcom got RE, but they already had two series with playable characters before.
Meanwhile, all Arcsys gets is a bunch of Kunio Spirits? I get it: River City is influential in Beat-'em-ups, which later inspired the fighting game genre itself, and it had a lot of its history in Nintendo consoles. But it didn't even belong to Arcsys originally. It's like if Sega's only content in Smash was some Puyo Puyo or Persona Spirits or Bethesda only had some Doom Spirits.
"But then why wouldn't Kunio content come with the Arcsys rep?" Well, because it's an aquired property. We didn't get Persona content with Sonic back in Brawl. Terry got Spirits from other series, but they all belonged to SNK.