The Legend of Zelda series is kind of interesting to think about. It got
in Super Smash Bros. because duh. It got
and
because also duh, but also added
to make sure Zelda stood out from the other fighters, as well as
because a lot of people told Sakurai they didn't like how slow and clunky Link played. It got
to keep the roster up to date and rep The Legend of Zelda: Wind Waker.
,
, and
now reflect their appearance in The Legend of Zelda: Twilight Princess. They were even going to add new versions of
. Then in SSB4...nothing happened on the fighter front. They added the Gust Bellows, The Skull Kid, Midna, Girahim, and Skyloft as items and stages, but no characters or character updates. The characters are still from Twilight Princess, not Skyward Sword. Super Smash Bros. Ultimate comes around and there really isn't space for new characters from any series, but
and
are now from The Legend of Zelda: Breath of the Wild,
is now from The Legend of Zelda: Link Between Worlds,
is back to being from The Legend of Zelda: Ocarina of Time, and
is back! Together with
, they represent quite a lot of the series as a whole.
I think they want to do the series justice, but keep being unable to swing an extra character, and so compensate by making the triforce heroes from different games each time, culminating in what happened in Super Smash Bros. Ultimate. Keeping that in mind, maybe a Legend of Zelda character is more likely than we think. Or maybe we'll just get Tears of the Kingdom Link. Who knows.
I think the Wild-era has much more firmly established itself as a consistent story with a consistent set of characters, a lot more than characters like Ghirahim and Midna and Vaati and stuff. The last mainline Zelda game was a direct sequel and means the Wild era has already spanned 7 years. Especially given a new Smash game is probably in pre-production atm if it's gonna happen, I definitely don't think it would be unlikely.
True, but the Wild era is probably over at this point. I'm not sure we'd see what's next before the next Smash though so maybe they'd take that opportunity to add a character from those games?
Interestingly, if the next game doesn't take a billion years to come out, it might actually have perfect timing for a DLC character.