So at this point, I'm expecting only a final direct left, and no more individual reveals. I think the "lower rate" comment by Sakurai was just specifying that there would be significantly fewer announcements left, and I'm putting my money on just one more: A Smash Direct.
On the low end, 2 Characters (1 echo and 1 unique): Ken and Incineroar obviously
On the high end, 6 (3 echoes and 3 Uniques). My guesses are:
- Ken (leaked)
- Incineroar (allegedly leaked)
- Shadow (Like Isabelle)
- Skull Kid (Like Isabelle)
- Dixie (Diddy's missing colors so far and jab)
- Geno (Square rep possibly)
Replace any of the above with Elma, Isaac, BWD, or RH rep, even Celica as well, as each have some pretty decent merits for being in the game. Characters like Black Shadow, Medusa, and Black Knight are possible shoe-ins for obvious echoes, but who knows. I personally don't think Steve is a character and only AT related content, and rather Banjo will be one of the first DLC characters. My personal opinion though.
So anywhere from 2-6, but I still dream that Sakurai will bamboozle us and just give us all 14 of the characters I just mentioned
Tl;dr: scientifically proven 14+ more characters or your money back guaranteed.
Edit: I'm going to assume the direct will be anywhere from October 18th (this Thursday) to November 2nd. Anything after is pushing for a really bad leak to happen.