I am keeping my expectations in check for VGA 2020, but I think a Smash reveal is possible, or even two Smash reveals. As mentioned before, the leak (which will either be proven real or fake by December 10th) didn't propose a double reveal featuring Crash and Shantae while at the same time not ruling it out. I'd say we can either get Crash, Shantae, both or someone else entirely at VGA 2020.
I'm gonna play it safe and not assume that that leak is real. As far as potential fighters go, I thought about it long and hard for a few hours while at work today and decided to make a list of characters that I personally think are likely, possible and unlikely of coming to Smash Ultimate. I'm gonna be naming a lot of characters, so I hope you all don't mind me not explaining my reasons for each character, but just know that I haven't changed my stance on Shantae. She's still my Number 1 Most-Wanted fighter
But here is where I think she, and a bunch of other characters stand:
Likely: Ryu Hayabusa.
Possible: Shantae, Geno, Lloyd Irving, Crash Bandicoot, BotW Zelda and Rex & Pyra.
Unlikely: Waluigi, Rillaboom, Urshifu, Arle, Dante, Monster Hunter, Reimu, Doomguy, Master Chief, 2B, Sora, Rayman, KOS-MOS, Nightmare, Spyro, Asuka, Sol Badguy, Ragna the Bloodedge, Rean Schwarzer, Adol Christian, or any other characters from Mario, Pokemon, Fire Emblem, Sega, Capcom, Square Enix, Konami, Bandai Namco, Microsoft, SNK or Koei Tecmo.