HEY GUYS I GOT SOME OF THESE DONE YEEEEAAAAAH.
Super Mario Brothers
So that's all I have for now, so enjoy these.
I'll start the handpicking off with the Mario cast, I guess.
Dr. Mario - A serious clone in Melee and essentially the exact same character as Mario. No to being a character, but I'd really love to see him as an alternate outfit.
Petey - Petey isn't as well known like the other Mario characters. The people that do know him know that he's nearly always a boss in every instance you find him (save a few sports games). He'd be a much better returning boss.
Waluigi - As much as I love Waluigi, being a playable character seems to be giving him more credit than he deserves. He hasn't been the star of a single game, nor has he even appeared in a single main-series Mario game, or at the very least, a Wario game.
Toad - A part of Peach's moveset in addition to the fact that no Toads in specific have played an integral role in a Mario game makes the idea of his addition seem shoddy at best. Nothing unique exists for toads that other Mario characters don't already do.
Bowser Jr. - Possibly, considering he's had a lot of support. I don't want to see him myself, but considering how often he's appeared, I wouldn't be all too surprised.
Nabbit - A side character that only exists in 1 and a half Mario games... No thanks.
Ludwig - To pick one of the Koopalings over the others seems like an odd choice, especially considering Bowser Jr. already exists as Bowser's most recurrent child.
Daisy - Alternate color for Peach already with good reason that she wouldn't have anything especially unique without having to hammerspace sports equipment galore. In addition, she has the same problems as Waluigi in not being involved in any main Mario titles.
Rosalina - Take Daisy's argument, replace not being in a main Mario game with being in only two Mario games and several spin offs.
Dry Bowser - Could just as easily be an alternate costume for Bowser. Otherwise provides nothing special regular Bowser doesn't already provide.
Birdo - I guess (s)he would work...? I just fail to see why she would be selected over other less questionable characters.
King Boo - See above.
E. Gadd - Edwin has pretty much played a passive role in every single game he's appeared in. Even without making up a bunch of gadgets for him to use as a moveset, it'd be out of his character to make him able to take on characters like Captain Falcon and Bowser. The whole reason Luigi became involved in Luigi's Mansion 1 and 2 is due to him being past his prime in catching ghosts.
Paper Mario - I could definitely see that, as all four Paper Mario games have been decently to critically acclaimed, and a paper-based playstyle would certainly be unique. His addition would still be rather darkhorse compared to characters like Bowser Jr. or Geno, but it's certainly possible.
Fawful - As interesting as he'd be, he still seems like an obscure choice when compared to the other Mario characters. It would help if he had appeared in more games aside from the Mario & Luigi RPGs.
Geno - Geno is definitely an interesting choice. Despite being a Mario character, Geno would still function as a 3rd Party character. He's certainly well requested, and he's caught Sakurai's attention... It really is up in the air as to whether he'd be selected or not, but Geno is certainly possible.
That being said, it mainly seems like the Mario series can be narrowed down to
Bowser Jr.,
Paper Mario, and
Geno. The rest of the characters are either just not important enough to justify bulking the Mario series into 5+ characters, incapable of fighting in a setting like Smash Bros., or are plain too obscure to be among the ranks of other famous characters.
If you want to leave the chart like that for fun rather than realism, then by all means, feel free to just erase all of what I just said out of your mind.