While we're on the topic of that 45 veteran roster thing, I'll draft something up. Probably a little controversial, perhaps intentionally so to spur on some conversation outside the usual obligatory influence of relevance or seniority, but this is less influenced by what I think is realistic and more by my own preference. Maintaining a diverse spread of playstyles, keeping things relatively proportional (assume that some series like Fire Emblem would be getting a new character... I would have thrown Ike in here but I didn't really want to remove anyone else) but not letting some of those more arbitrary things get in the way of flavorful characters standing their ground.
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-Yes, I cut Villager. Nothing personal but I prefer Isabelle and in a crunched roster like this I think they play a little samey. Tom Nook is def being added anyway.
-I cheated and I'm counting Pyra / Mythra as one. Sorry. I couldn't justify it for Pokemon Trainer though, at least Pyra / Mythra are semiclones.
-K. Rool, Palutena, Falco, Jigglypuff, Incineroar etc are "flavor" picks. They're all individually popular, unique, and I think they contribute a dynamic presence.
-In Jigglypuff's case, with Pokemon Trainer being cut loose, I thought it was necessary to have a "cute" Pokemon other than Pikachu.
-Min-Min gets to stay because ARMS is the newest series on the roster right now. I don't want to be too regressive with contemporary representation.
-Sephiroth sticks around, idk. He's too cool! And feels right if I wanted to bump up Sonic and Street Fighter which I probably would.
-Characters I may have added with more space or just a slightly different mindset would be Ike, Ice Climbers and Wii Fit Trainer.