My speculation on the remaining newcomers for Ultimate:
One thing that has me puzzled was Sakurai's language in the last direct. I thought in the June direct it seemed clear that were would be less newcomers than Smash 4 and Brawl (17 and 18 respectively). Right now we are at 8 newcomers with about three months until the game's release (and Sakurai confirming he plans to reveal every character before the game's release).
Will we within the last three months get a number of newcomers unveiled equal to what we have already have? Is there precedence?
Melee kept four unique newcomers and six clones hidden until very close to the game's release (Zelda, Mewtwo, Marth, Mr. Game & Watch, and the six Melee clone newcomers). That is 10 versus 4 (what was known about for most of the pre-Melee speculation period). Brawl's original release was December 2007. In the last four months prior to December, they revealed Ike, Diddy Kong, Squirtle, Ivysaur, Charizard, Lucas, King Dedede, Sonic, and likely Olimar (and Lucario, ROB, Toon Link, and Wolf were kept hidden until release). That is 13 versus five.
Things get different with Smash 4. After E3 2014 (of which there were only three months left until Smash 4's release), there already had been 11 newcomers unveiled. Of the remaining six newcomers not to be shown, two of them were echoes, and only three were kept hidden until the game's release (Bowser Jr., Duck Hunt, and Dark Pit). The pattern changed with Smash 4.
Many would think the Melee/Brawl model would happen over the Smash 4 once since so few newcomers have been confirmed so far, and we have only three months until the game's release. Aside from the Direct this week, there really exists only one more opportunity for character unveils within Nintendo Direct's which would be the last Direct before the game's launch (assuming there is only one more Smash Bros. direct and not two more). Assuming we are guaranteed one fully unique fighter for this upcoming direct, how much does that leave for the final direct if we are just purely looking at precedence?
For Smash 4, the highest amount of newcomer confirmations happened during E3. During E3 2013, three newcomers were confirmed. During E3 2014, five newcomers were confirmed. However, during E3 2018, only two were confirmed, one of which was an echo fighter. This divergence from precedence (along with the lack of any new content for Ultimate being confirmed in nearly two months) was what was leading to the pessimistic thinking that there were only five more additional newcomers after Ridley's confirmation.
However, with the 8/8 direct we were in for a massive surprise, we had nearly double the amount of newcomers unveiled than what had already been confirmed so far, and this lead to expectations return back to traditional Smash Bros. newcomer number expectations.
So I think the most optimistic scenario for fully unique fighters, is one unique newcomer for later this week, and three unique fighters for the final direct (one at the beginning, one in the middle, and one near the end), Echoes will likely be sandwiched somewhere in there. There are three locks as far as I am concerned for echoes (Isabelle, Ken, Shadow). If there are four more unique newcomers, I surmise there is one more echo fighter as well to keep the amount of echoes and unique newcomers even. This would give Ultimate 16 newcomers total.
However, 16? That does not sound like a number for Sakurai have to pair down the expectations of his fans. Even if you point to the lack of fully unique fighters, it is still on par with Melee (which also only had eight unique fighters). Sakurai also still considers echoes to be new character additions. Daisy, Chrom, and Dark Samus all made their fans very excited just as any other normal newcomer confirmation would for a fully unique fighter. Sakurai also imparted his lessened expectations again after the confirmations of Chrom and Dark Samus. Chrom and Dark Samus, even though they are echoes, both possess unique animations (or at least more than the Melee clones had) Even if you look at Richter, a lot of his animations (taunts and victory animations, and even one of his idle poses) gives close homage to poses he made in artwork and ingame for Rondo of Blood. Sakurai and his team are trying to stay true to these characters even if they are in the category of the most cloney of clones.
What then does the most pessimistic scenario look like if the most optimistic is another eight newcomers? Personally, I see the lowest range being five newcomers (that number includes both unique fighters and echoes). This number happening hinges upon whether there is a newcomer shown later this week or not. In the event there is not, the worst case scenario would be that there are only two fully unique fighters left in the game (a Pokemon newcomer and one out of Skull Kid or Geno). The remaining three newcomers would be Isabelle, Ken, and Shadow. A number of 13 newcomers is less than the last three Smash Bros. games and definitely a number Sakurai would want to warn his fans twice about in hoping to bring down fan expectations from traditional norms.
However, a range of only 5 to 8 does not seem that big does it? Well, it certainly does. Had Brawl only lost three more slots, Jigglypuff, Toon Link, and Wolf all would have been gone from Brawl. Had Brawl gained another three slots Mewtwo, Roy, and Dr. Mario would have made it in. That number (3) could mean the difference of your fan favorite making it or being relegated to a non-playable role as a consolation prize.
Of the most pessimistic scenario, I see Isabelle, Ken, and Shadow happening, so that is three out of five to eight slots, leaving only two to five slots left to speculate about. However, I expect one of those remaining two to five slots to be a Pokemon newcomer (especially judging by how much Sun/Moon content we have already seen in this game), and that will probably be Incineroar seeing as he is the one tipped off by Vergeben. That leaves only one to four slots left.
That is where things gets very interesting. There have been two credible leakers for Smash Bros. this go around: Vergeben and Loz. Vergeben is claiming Isabelle, Ken, and a Pokemon newcomer (he has said one of his sources have said Incineroar). He says one of his sources says there will be a second Square-Enix character. Most likely this means Geno, however, there is also a chance this could be someone to represent Dragon Quest, which is by far the biggest Japanese developed franchise without any sort of representation in Smash Bros.
In the other corner we have Loz, who is only claiming Skull Kid (though he made all sorts of other dodgy claims for other characters that he would say two completely different things about). Skull Kid is the character that Loz is putting all of his leaker chips on, and is the only one he has been adamant on since the 8/8 direct.
In the most pessimistic scenario, this means Geno versus Skull Kid for the final slot. Personally, if there is only ONE slot left, it would be most likely Geno in this scenario.
For the most optimistic scenario (four more newcomers left), things look far rosier. Both Skull Kid and Geno end up getting in, leaving two slots in contention. One a fully unique slot, and the other an echo fighter slot. Anything goes for both of them. Bandanna Dee, Chorus Kids, Banjo-Kazooie, Isaac, and Elma would all be strong contenders for such a slot. For the final echo fighter slot, again, there would be many strong contenders. Dixie Kong, Funky Kong, Impa, and Octoling (and possibly some sort of dark horse very few see coming like Richter was) are all strong contenders for this.
In less than three months, dreams will be either realized or dashed. However, even if there is only five (or even less) newcomers left, it is not the end. The DLC for Smash 4 was Nintendo's biggest moneymaker as far as DLC for their games was concerned. Even the Mii Fighter costumes sold very, very well. With this in mind, I expect there to be even more DLC for Ultimate than there was for Smash 4.
As long as the character does not have a major non-playable role in Ultimate, this leaves your character of choice to continue to have the possibility of being playable in Ultimate. The last round of Assist Trophies reveals will be very interesting for this reason alone. So far there have been 40 Assist Trophies confirmed, out of 50+ (which is the number given by Sakurai himself). This means that there are anywhere from 11 to 20 Assist Trophies left to be confirmed. I assume quite a few of those though will be veteran Assist Trophies though.
Ultimate has 103 stages. Nearly double the amount that Smash 4 Wii U had even with DLC. However, with such a tremendous number, only four of these stages are new to the series (New Donk City Hall, Dracula's Castle, Great Plateau Tower, and Moray Towers). That is less than half the stages that even Smash 64 had, yet its very interesting to see very few complaints about this, and all the eyes still on whether the amount of newcomers left will be "satisfactory".
With characters, Sakurai has brought back every character to date, a very impressive feat. Even ignoring the newcomers confirmed so far, seven veterans have been brought back for Ultimate that were not in Smash 4 or its DLC (Ice Climbers, Snake, Wolf, Squirtle, Ivysaur, Pichu, and Young Link). Only two of these seven fighters are like traditional clones (Pichu and Young Link), with the other five needing to have have their own unique animations be made for most of their movesets.
We are seeing the limit to just how many characters can enter a Smash Bros. game. Five to eight newcomers left is very, very impressive. Heck, even if there were less than five newcomers left, it would still be impressive.
The week ahead is going to prove to be absolutely essential for speculation. Even one newcomer confirmation for this week, can mean a ton going forward.