Some more thoughts on Rivals from when I first played it:
I had played some Super Smash Land a couple years back and I liked it well enough (keyboard controls though). Picking this up with the X-Box controller felt a little weird at first; timing seems to be different, but I can Wavedash, dash dance etc... fine. One note here is platforms: without shield dropping it is a little clunky dropping through them (Crouching on platforms is easier). I actually never shield-dropped from platforms all that much but instead Isai-dropped (walking forward made dropping through platforms much easier and quicker) which also doesn't work in Rivals. I think Isai-drop would be a good addition (I think you just need to reduce the threshold needed to tilt for falling through when walking compared to standing).
Something that I didn't expect was how each character's zone control would work so well. Zetta's Flames, Wraster's Jet Stream, Kragg's Rocks and Orcane's Puddle all enable the character's to transform the stage to their advantage. You now need to move the fight to where you are changing the environment for your benefit. I actually didn't like Vapeoron's tools in SmashLand but with everyone having similar tools balances it nicely. It really is the unique feature of Rivals that should be it's selling point. I am pretty sure you intend to, but make sure that each character added has similar tools.
While these initially go against my rule they are unique stage transforming features that as long as each character has a balanced version add a new layer not present in Smash.
Each character being a similar size is great too. Factors get out-of-whack when character's are too big or small, and match-ups become polarized. Good job on character size.
In a Smash-styled game I believe a rule should be kept in mind to maintain the optimal player and spectator experience.
During every point in play each player should have the ability to access multiple options, and no 1 option should be perfect whether offensive or defensive. This is the beautiful heart of Smash.
Under this: DI, Teching, Dodging, approaching, comboing, camping all need to have multiple choices and each have a counter-reaction that can beat them.
I have to note that in Rivals combos, Parries, and edgeguarding all raise red flags when viewing them this way.
With this in mind please read my thoughts on playing Rivals.
I will be using terms like polarizing, options, counter, and unstoppable to refer back to this point.
Combos:
Combos come a little too automatically the balance is not bad but it could be better.
I think the biggest reason combos are so available is the fact that knockback-scaling is very differentiated between combo moves and KO moves. If scaling was more regular across all moves, I think two issues would be resolved: Characters wouldn't live to 200% as often because a player has trouble landing their KO moves, and combos wouldn't work at some more ridiculous percents. Also edge play would become more common as right now there are few Horizontal KB moves and with increased scaling on some of those would increase the instance of them. So I think that KB scaling should be more normalized to allow for a more natural flow.
Parries:
With correct use of Parries there is no counter. This was also present with Powershielding in Melee but unlike Powershielding you don't have to be frame perfect as there is a larger window. This means that the best players of Rivals will have the best reaction times and without the natural advantage of an above-average reaction a player will be restricted.
To alleviate this I recommend introducing grabs along with a shield of some type. Parries are interesting but they are lacking when it comes to balance.
Parries could be nerfed version of the old system with a sustainable active time complemented with the longer you keep it active the more lag you receive upon exiting. Opponents still receive a punish for hitting parries but that remains constant compared to the variable time the parry-er receives. Shorter time held leads to being able to punish attacks while longer times means you will be punished.
If you add grabs and want to keep chain-grabs gone, I recommend taking some inspiration from Smash 64 and limit them to two throw options and speed up the auto throw timer. This is one situation where I am ok with a more regulated KB scaling, as kill throws are boring and chain grabs are too. Having throws that always result in positional change rather than direct combos/kills is a good addition which won't break the game but add the needed counter to a shield/parry.
Edgeguarding:
Some characters options are extremely strong while implemented with polarizing weaknesses. This limits the amount of options and leads each player to use the only one that will work. In Smash, Yoshi demonstrated this, ROB, Pit, Ice Climbers. Each character should have a few recovery options that are not completely shut down by one particular option. Without ledges that is limited but I still think that it can be achieved.
Orcane can recover from anywhere. ANYWHERE. Yet if he doesn't have a puddle he is dead if he dares go below the stage a little bit. Also if your see a Orcane needs to recover with puddle, then your ONLY option should be stand next to the puddle and charge a Strong Attack the case is an automatic read and a straightforward punish. This wasn't directly caused by you, but is forced anyway.
Kragg's pillar is the one shot use, but can also be used to stall from pretty far away and certain places no one can interrupt him safely.
Strong attacks are chargeable for too long. Because of this timing edgeguard attempts is unnecessary; just charge and wait.
I would get rid of charging altogether or really minimize charging times. Wrastor in particular is effected by this but I think overall he is in a good place after this.
In the following character profiles I am going to try to analyze what is the best style for each of the characters and see what stands out as OP/weak. I will then make a few suggestions on changes IMO should be made.
Zetterburn:
Zetta's style seems to best be get flames down and spam Fireballs until opponent approaches through flames and look to bait and punish as hard as possible at any other time. He doesn't seem to have reliable approaches as they get beaten by everyone else's stuff. But his punishes are off the charts with super early kills from fairs and smashes.
Barring unforeseen balance issues there isn't much I would change specifically (there are overall changes where he would be effected); he actually reminds me of Captain Falcon with the heavy punishes after a keep-away neutral game.
Some suggestions though...
Neutral-special | It is rather slow for regular use right now (I could be misusing it though). I could see a fast initial start coupled with low range and damage but a decent duration to be useful as an anti-projectile move (looking at Kragg's rock here). If held the move should charge slowly but get beefed up to a powerful edgeguard with noticeable benefit over his non-absorbing Strong attacks.
Up-special | I would quicken the start time and just slightly increase landing lag. Also this move should always have good base knock-back so it isn't blatantly punishable on hit. These suggestions should increase his recovery viability which at the moment is the easiest to pick off, possibly to the point of being a polarizing characteristic.
Wraster:
His best style is to dance just outside of an opponent's range and punish anything with a Side-special (Jet Stream?) and convert off of that into a combo. If a combo ends Wrast should bait and punish using his Jet Stream until a new one is available to convert with. He should be looking to secure gimps off the side and punish recoveries with air strong attacks.
Suggestions...
Uptilt/Ftilt | I really liked the combo starter as it fits his play of that was present in the build before I was added. A newly designed forward-tilt you would make up for the ground high knock back move and with a strong low-angle would offer an angle previously unused for gimps by Wrast.
Bair | Almost no knock back growth. This is so strong I had to also address it specifically.
Up-special | could use a slightly stronger lower angled knock back. which would open more offensive offstage options while nerfing some of his own ways back (the player would land on stage and be able to punish Wrastor more often (right now he is very hard to edgeguard which is polarizing).
Orcane:
Dance around your puddles, poke poke poke until you get a combo. Very good dynamic that I have been seeing thus far in the neutral game
There is a good amount of depth with Orcane, not sure about bubbles yet they may be broke but I will keep quiet until known His Strong attacks could use more range both with and without puddles (I am serious here) if they are too good, I would slow them down if needed.
Puddle teleport cannot be his main recovery. If it remains so, the counter to Orcane would remain very specific and there will be few variations on strategies to beat Orcane. I think that Orcane should be able to teleport to it any time that he is grounded, but his side-b should be modified into a new Up-Special recovery. It should be omni-directional to grant Orcane the ability to recover in a variety of ways (options).
Kragg
Kragg pulls rock and throws it at you. You get hit. Kragg hits rock. You get hit again, Kragg pulls a new rock. repeat...
Kragg needs a different tactic, right now he is the only character without the ability to play the neutral game fairly. He has to throw rocks, spam nair, or Side-b to prevent being overrun. I would buff his tilts to give him some other solid approaches.
Along with a new Rock he could have a much different style.
Rock | This is unstoppable. If Kragg pulls a rock out it cannot be averted. If you parry it doesn't parry. If you attack the rock beats your attack. If you roll Kragg can either hit you or the rock which hits you. If Kragg is not the best right now it is most definitely not because of this move as this is broken. This needs to be changed in some way as it is polarizing. IMO projectiles should be small tools that change the pace, not your entire strategy.
I would recommend making rock much harder to break (Kragg doesn't always break it) so that they actually change the terrain and provide Kragg with a protective wall to play with rather than a brute-force approach. I would make down special (earth spikes) auto-break it.
Side-b | It needs a change, I would make it fast-moving, lose its armor, force it to cancel on-hit, auto-break his rocks, and hit the opponent behind Kragg so it really isn't all that useful for approaching but instead as a secondary recovery option. Without its armor it is no longer unstoppable but the increased speed changes that.
Rock-Pillar | This has too many ways it can be abused. To get to the point I would make it disappear when used mid-air after 1 second or so. Kragg can use it again if hit, or he lands onstage. If used while grounded Kragg would rise to a high platform height and it would remain until Kragg replaces it or someone breaks it.
I hope you like what I had to say; I am really excited about the potential of Rivals and want to see it succeed.