You know, what would make it easier to tell what characters could be in this pass is if we made some sort of Company Tier List.
Right now I'm working on updating Mii Costume theory, which could help in figuring out likelyhood of Companies getting characters and such. what i gathered was that
-Capcom, Square, and Namco are still gonna get content in this Pass, 100%. the question to ask is what are the chances of them getting upgraded content, and whether the amount of new content would be suitable for a Character pack or something
-Sega and Konami are maybes, though I would lean into Sega getting something new rather than Konami since Konami got a New Costume (Goemon) with no Character. Sega got Persona Costumes, but those came with Joker, otherwise the rest of the costumes they got have been returning
-Microsoft is hard to judge because it seems Sakurai and the team worked more with Rare than they did with Microsoft, so could the Absense of Microsoft content not have merit, it's hard to tell
-Arc Systems Works is probably not getting a character, but Could they still be getting Mii Costumes (Sol or Ragna) and why haven't they shown up, when Min-Min would have been a good time considering both come from fighting games
-Level-5, Falcom, and Spike chunsoft (Monokuma) are the Notable Japanese companies I could think of, but Spike is iffy since Dangorupa has not been on Nintendo consoles, but these Companies absence this late into the game is notable
-Something must have happened with Koei concerning Ryu. I need to analyze this further though
-Looking at the New Costumes not related to the character themselves, we have: Goemon, Team Rocket, Sans, Rabbids, Altair, Cuphead, Squid Sisters, and Vault Boy
-Goemon is Konami Costume. Goemon i believe had a Niche, but dedicated fanbase for Smash it would seem.
-Team Rocket is a Nintendo Costume. Pokemon was Almost about to come out around this time, but otherwise probably just cool Costume
-Sans and Cuphead are both Indies. Both are Western as well
-Rabbids, Altair, and Vault Boy are both Western Based Characters
-Squid Sisters is another Nintendo Costume. There is some speculation about a Splatoon Spinoff, so maybe that could factor, but it's also worth noting that Squid Sisters are already Assists in the game
-With the increase in Indie and Western content, we need to figure out where Other Western Companies like Activision/Blizzard, Netherrealm Studios/WB Games, Riot games (even though they are owned by Tencent), and perhaps others factor in. On the indie side, there's characters like Reimu, Hollow Knight, Travis, Gunvolt, Ori, Freddy, Hat Kid, etc
-Goemon shows that Fan-requests from a Particular company, even not in base game or Playable, can still get content and such. Could the same thing be true for companies like Sega, Capcom, Namco, and Square
-Squid Sisters shows NPC Characters can still get updated content, even if not Playable or even related to Playable character. The question is if this is only for Nintendo. If it's not, there are characters like Shovel Knight, Shantae, Alucard, Bomberman, and Shadow the Hedgehog, among other characters
That's all for now, I did just ramble, but I'm trying to keep Smash Hype Alive