Just to clarify, he hasn't heard from his sources anything about the Square Enix character potentially being DLC, that's just his own speculations about it in regards to the box theory. The only thing he's heard is that there's definitely a Square Enix newcomer in the game, so if it isn't in the base game then the logical conclusion would be that it's early DLC.
Time to do a summary about what we know about the Square-Enix Character with a tiny Timeline
- Vergeben learn the existence of a Square-Enix Character, without knowing it's identity. Implied to come from his most trusted smash source.
-Vergeben latter get a name from a random source who supposedly "confirmed" what he knows so far. Decide to not share the name since he doesn't feel like the information is right until he get confirmation about his other sources
-Later on, Hitagi talk about the Square-Enix Characters too, first one to explain that "jobs are on the line"
- Vergeben latter says that if the box Theory is right, the Square-Enix Characters might be DLC then. But he double down on the existence of Ken/Incineroar and that Smash Characters
- Later on. Vergeben reveal the tactics of Square-Enix and why jobs are on the line. Employee are receiving multiple name of potential candidate to trap leakers and get to the source. Nintendo are playing along too, protecting that Character on their side. Vergeben confirm that he indeed got a list of Characters name.
- Vergeben make a comment about Geno, a supposition ,saying that since everyone predict him and expect him, Square might internally not "care"/take seriously talk about Geno being leaked/Fake leaked. Not confirming or denying if Geno is on the list of names or not.
- He believe there a realistic scenario possible that the Character might be DLC
Did I miss anything?