So uh
two leaks are still standing for FP5: Phoenix Wright (Terry was dropped Nov 6; not the Sephiroth variant I don’t think as that stipulated PW would be revealed with the Terry presentation which didn’t happen) and KOS-MOS (drunken cat leak which claimed Banjo’s codename was Buddy, assuming they’re the same poster). KOS-MOS is also backed up by the total lack of Bandai Namco Mii costumes up till now. The Namco rep COULD also be TOS’s Lloyd Irving, but in a post Hero world, I think his Mii costume is more likely to return along with Heihachi’s as Heihachi’s wasn’t in the Terry costume set even though Akira and Jacky were. It’s also unlikely we’ll see two fighting game characters.
there’s also a rumor of Arle Nadja from Puyo Puyo, but nothing substantiating that rumor has surfaced to my knowledge and it’s doubtful Sega would get two reps in the same pass (I’m counting Joker as Sega since they own Atlus)
since the Frogger leak was deconfirmed (no Hollow Knight Mii costume), if we do get Doom Slayer he won’t be FP5 most likely. Possibly post pass, along with Geno if insider water cooler talk is an indicator as well as two slots after FP5 opening up in the site’s code. Crash, Ryu Hayabusa and/or Reimu could be post pass as well for third parties, but they’ll probably be much, much later.
for first party, I can definitely see Elma following Geno as the next Spirit promotion. Hiroyuki Sawano announced a secret project around the same time last year as Yoko Shimomura (confirmed to be composing for Smash) and Banjo has evidenced that DLC planning began as far back as early last year, only finalized last November. Speaking OF last November, Elma’s English VO, Caitlin Glass, announced an NDA voice role shortly after Sakurai announced the “entire” DLC lineup was complete. We still don’t know what the project or the NDA role is to this day.
so basically:
my FP5 prediction: either Phoenix Wright or a Namco Rep (leaning more strongly toward KOS-MOS)
First two post pass characters: Doom Slayer, Geno
Possible first party post pass I think has better chances than most think: Elma
Might happen waaaaaay later down the line: Crash, Hayabusa, maybe Reimu
these are what I feel most confident in right now.