CaptainAmerica
Smash Master
I'm pretty sure it is codeveloping, but I don't expect a Soul Calibur character. Despite how awesome Ivy's whip moveset would be, or how iconic to the franchise Nightmare is (Siegfried alt, pls). Soul Calibur's been in a rut lately, and we don't know if SCVI is going to pull it out. Beyond that, even Namco seems to favor their modern franchise Tekken, so I'd expect Heihachi before Nightmare.Is Bandai Namco still helping co-develop this Smash? If so, are we sleeping on a Soul Caliber rep? Soul Calibur VI (which is developed and published by Bandai Namco) is coming out this year, would that coincide with a surprise character reveal for Smash/early DLC? This but also with Monster Hunter Generations Ultimate coming to the Switch later this year.
Being co-developers of the game Bandai Namco might be able to lend earlier access to reps from these games compared to the usual reps from pre-2016 we have to speculate. Also, getting character designs early might not even be a problem, as a Monster Hunter rep would be a generic character and most Soul Calibur reps would already exist/be easy to pull from before Sakurai's project plan as it's a long-running series of recurring characters. Licensing the promotion writes itself with Bandai Namco's existing relationship with Smash.
Basically, these games coming out so close to Smash wouldn't be a hindrance with "they wouldn't fit in the project plan even if Sakurai got the designs early", it's a matter of "these games are convenient to promote". It's not like a new FE/Xenoblade/Pokemon with new characters to promote, it's just a new game to promote using preexisting designs and characters.
(I don't know much about these franchises but we should consider everything, especially stuff from a developer/publisher that is suspected to co-develop Ultimate)
Would definitely prefer SC though.