I only predict archetypes and Crash Bandicoot, right now. I have names I'm thinking because of popularity and possibly business potential, but nothing like Smash fandom OCD around reps is important.
For reference, I'm confident Crash will be Challenger Pack 1 or 3 out of these, so I'm ignoring him. Only limits I've set are Goku, SpongeBob and friends are out, DLC Mii Costumes are out, and anything known to have a Spirit Board event post-launch is out, with an asterisk on that last one because I think exactly one Galarian Pokémon still has a chance.
- Somebody who is popular, but isn't widely associated with Nintendo. This character has the job of selling the pass to other people, who are not invested in Smash yet.
- Besides Crash, I could see Dante, Heihachi, 2B, Lara Croft, Sora, and if they manage to pull it off, Kratos.
- Somebody who is from a series beloved in Japan, but isn't a very big request here. Maybe also having some doubt if they could get in. In their home country, they print money.
- Arle is my big guess here, but Reimu works. If we get a Tales character that's not Lloyd, my money's on Yuri, and he's going here.
- Somebody who represents a major Smash fandom pick, or possibly another western fan favorite. Either way, they can be seen as a "reward" for this type of fandom.
- Again, besides Crash, I could see Master Chief, Steve, or perhaps a new character popular.
- Geno is the only character who fits Banjo's mold fully, but I believe his goose is cooked. But if it isn't, he, Rayman or Shantae could be here. Frisk goes here too, if Undertale doesn't get a Spirit Event before then.
- The last third party character will not be as quite big today as the first three, but has a strong core following. Be it Nintendo history, another Smash fandom pick who's been on hard times, or iconic to the genre.
- Say, Phoenix Wright, Amaterasu, Lloyd Irving, Ryu Hayabusa go here.
- This is the first of two Nintendo characters, and I think this will be our only promotion from a base game role.
- Waluigi, Paper Mario, Isaac, Bandana Waddle Dee, Rex or Rook.
- This is the second of two Nintendo characters, and this is our ad. They're probably not going to be very well received, unless it's a Zelda newcomer.
- Euden, Urshifu*, BotW 2 newcomer, whoever it is, it could even be a Nintendo character we've never heard of.
- Urshifu specifically, rather than a starter, Toxtricity, Grimmsnarl or Dragapult, because this is our rep for Generation 8's DLC, not the base game. You can annul this if you think the corner case doesn't count.
Outside of bigger reveals going to E3 or being revealed near TGS (likely not AT TGS), these could really be in any order. But I think we're going to get archetypes moreso than any individual character, with the special exception of Crash who I find limited reasons to doubt and supple reasons to expect.