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Super Mario Bros. Series:
Mario
Luigi
Peach
Bowser
Bowser Jr.
-Bowser Jr. is a major character in the franchise. Getting big roles in pretty much every main series Mario venture since his conception, and has gotten plenty of moveset potential from those appearances. Some people suggest Shadow Mario as a Zelda/Sheik-like alternate, but I think Mario Sunshine is a bit too outdated, and not many people care about ol' bluey anymore.
Mario spinoffs(Yoshi, Wario, Donkey Kong and Paper Mario):
Yoshi
Wario
Donkey Kong
Diddy Kong(&Dixie?)
Paper Mario
-I think with a new game coming out, and no Mario RPG representation so far, Paper Mario deserves to be in.
-I still, however, feel that DK should get another rep, and considering PM's inclusion, I think the best possibility is the addition of Dixie as a tag-team with Diddy, in a sort of Zelda & Ice Climbers combined thing.
Legend of Zelda series:
Link
Zelda/Sheik
Ganondorf
Toon Link
-Only change here is new movesets for Toon Link and Ganondork. We'll get to the subject of new movesets later.
Tingle's Ultra Epic Flowery Exciting Series of Joy:
Tingle
-Yes, Tingle is added under his own series. He is a major character, appearing in nearly as many Zelda games as Zelda herself(Counting all 4 of Tingle's own games). Deal wit' it.
Metroid series:
Samus/ZSS
Ridley
-Ridley is not too big. If Ridley is too big, Bowser is too big as of Mario 64. Ridley would be sized approximately to Metroid NES or Melee's intro.
Kid Icarus series:
Pit
Medusa
-New Kid Icarus Game + Made by Sakurai + Sakurai making SSB4 = More Kid Icarus. Palutena is not a significant enough character. But Medusa is the main villain. Palutena can stay in Pit's smash.
Punch-Out!! series:
Little Mac
-I think, with a recent game, and being a professional fighter, he can work as a character. I think an entirely Punch-centric moveset would be cool, as he doesn't have much else. I would say, as a long-range attack, to give him the Glove-on-a-rope from the Wii game.
Kirby series:
Kirby
Metaknight
King Dedede
-No change here. Maybe make Dedede not suck as much, maybe make Metaknight suck a little more. Make sure Kirby only has ONE move where he sucks: His powerless neutral B.(Bum-Bum Tsssshhh)
Pikmin series:
Olimar
Starfy series:
Starfy
-Popular series? Check. More games than Earthbound? Check.
StarFox series:
Fox
Falco
Wolf
-No change. I wouldn't say they really even deserve the 3, I think just Fox and Wolf would be better. But as long as all 3 get enough changes to differentiate them B-move wise, I think they're fine.
F-Zero series:
Captain Falcon
Samurai Goroh
-This one I'm kinda iffy on, because F-Zero is a dead series that hasn't had a game since the GBA, but I think it deserves another character, especially if it gets another game.
Pokemon series:
Pikachu
Jigglypuff
Pokemon Trainer(Same as Brawl)
Zoroark
Meowth or Deoxys
-Zoroark is basically Lucario for 5th Gen. I wouldn't be surprised if Victini, Genesect or Meloetta ended up here instead, but right now I still think Zoroark. I would be rather surprised, however, if Amoonguss got in. Because that would be silly.
-Meowth is a mascot of Pokemon, and I'm honestly surprised he was out for so long. He will most likely get in if Pokemon Yellow is remade. I'd even reckon that he'll get in unless...
-Deoxys gets in, which will be under the circumstances of a R/S remake being out or in the works by SSB4, which I find likely. Deoxys has several points for him: He represents several game mechanics, such as alternate forms, event pokemon, and legendaries. He would get in under conditions of a R/S remake, so he'd have a new game coming out.
-Lucario was cut, due to being pure flavor-of-the-month. He no longer has ANY significance.
Fire Emblem series:
Marth
Ike
Caeda
-Caeda is mostly placeholder for a new FE lord. But if one doesn't happen, I expect Caeda. She uses a lance(New weapon much?), she is female, and she's a main character of two recent games, and 4 games in the series overall.
Motherbound series:
Ness
Lucas
Retro series:
Ice Climbers
ROB
Mr. Game & Watch
Muddy Mole
Laughing Dog
-Muddy Mole represents puzzle games, the Game Boy, and hey look, it's a Miyamoto brainchild.
-Laughing Dog may seem like an odd choice, but hear me out. Duck Hunt was a launch game, not only that but a bundle with the NES. For many gamers of the era, Duck Hunt/Super Mario Bros was their first game ever. He has plenty of potential for moves; consider the Zapper, flying with Ducks, Clay Pidgeons, or heck, he's a dog, right? He has claws and teeth, and clearly knows how to use 'em.
Animal Crossing series:
Villager
-Yes, I know many of you would choose Tom Nook. But the Villager has arguably more potential, as he, y'know, does stuff. He is also, what's this, THE MAIN CHARACTER. And no, Nook is not the 'antagonist'. He is the shop clerk. He doesn't do squat. Plus, I've already got one, maybe two money-centric newcomers, Tingle and Meowth.
Golden Sun series:
Isaac
-So nobody thinks he shouldn't be in, right? What's that, you in the back? You think Matthew instead? I think nope. Isaac has seniority, and is more important to the series overall.
Third Party Series:
Sonic
Snake
Megaman
-Megaman is a major game franchise, from a massive company, with close ties to nintendo.
That's 16 new characters, and 1 removed, making a total of 50, or 55 with transformations. What d'ya guys think?
I'll answer any questions. Also, I've got a big ol' copypasta about Tingle. Like how he's in more games than Ganon, and is popular in japan and whatnot.