I think Embracer getting a character in the next Smash game is somewhere between "likely" and "a sure thing". People talk about Microsoft and Sony being the big players in the purchasing game, and they are, but Embracer is catching up to them fast. Instead of going for big studios, they're picking up dead, dying, and newborn studios and nursing them (and their IP) back to life. And while Sony and Microsoft have 20-30 studios a piece, Embracer has
over 100 (so far).
en.wikipedia.org
I've only heard of a handful of them, and most of them don't even have a wikipedia page, but that's still an massive number. And Embracer only started in 2017, they're still in the early phase. Once these studios start
releasing their games, things are going to go crazy. We have a new Timesplitters in development, a new Tomb Raider, a sequel to Battle for Bikini Bottom, and that's just off the top of my head. With the money coming in from their big games, they'll be able to give the smaller studios a bigger budget, hopefully giving them more attention, further bettering the company. Embracer isn't too relevant now, but I fully expect them to be
massive in the next decade.
When it comes to a smash character, Lara Croft is the first character that comes to mind, and for obvious reasons. There's also Sergent Cortez, the Borderlands guy, and a few other well established characters. But since they have yet to fully mature, I think their biggest IPs might not yet
exist, or are languishing in obscurity. Even if 1% of their smaller output is a hit, with 115+ studios that's at least one game that gets a big boost.