The statements made by Sakurai about how the DLC has been finished has me intrigued, because he states that this time NINTENDO chose the characters THEN ASKED SAKURAI if they could be turned into characters. This is telling me a lot and makes me wonder how the DLC process worked on Smash 4 (save for Bayonetta being a "ballot winner"). Nintendo choosing the characters tells me that either they want their own IPs to shine this time around since the DLC for Smash was so third party heavy, or they are picking third party characters THEY either seem right or because they want to represent how close they are now with certain third parties thanks to the success of the Switch.
As for speculating the DLC, I am legit done because the madness caused by the leak scene made me anxious to the point of annoyance so I will take what they will give me. HOWEVER, this is the only thing I will speculate;
- The Square Enix Rep; Now ALL leaks, even the mighty Vergeben leaks, have stated that there will be one new Square Rep, and it makes sense to me that they would be DLC since that way Nintendo can cover licensing costs and get as much content as they can. The main two that come to mind are Geno and Sora. Both are highly requested characters that are also legacy characters with history on Nintendo consoles and both have a plethora of music tracks and worlds to choose from to turn into stages. Now if Nintendo wants to focus more on the games that they themselves had a hand on, I feel they would pick Geno because that WAS their first joint venture with Square. I know that we saw him as a Spirit in the trailers and footage, but we also know that playable characters can also be spirits (like Super Sonic being a spirit). So geno has basically a 45% chance of being that DLC.
Then there's Sora. Now, if Nintendo is the one calling the shots as to who gets in, I feel they would dismiss him outright because even though they have gotten several games that are canon to the Kingdom Hearts storyline, the big game, Kingdom Hearts III, is a PS4/Xbox One release, and Square has NOT released the HD port of all the games on the Switch (which is a missed opportunity). But at the same time, the appeal of the character is too high and it would attract a lot of Kingdom Hearts players who have never played Smash to the game, plus would create a lot of revenue for Square and Nintendo.
But we also forget that Square Enix is more than just Final Fantasy and Kingdom Hearts; they also have Dragon Quest and American IPs like Tomb Raider and Life is Strange. Since Dragon Quest has been a very Nintendo focus franchise for Square as of late, I could see them choosing a Dragon Quest character. Now all signs point to Slime, but even though he is a mascot character that best represents Dragon Quest, he is almost on the same level as Petey Pirhana in that he would be a tad too bland for DLC, so I am going with one of the major characters from that franchise.
- The Microsoft Rep; This is where my fanboy mind splits into two trains of thought;
1. If Nintendo truly has been that close with Microsoft and have discussed things with Phil Spenncer, then there is the chance that the Microsoft rep could be Banjo-Kazooie after all. Banjo started life off on a Nintendo system, and even with the re-releases of the games on Xbox systems people still associated them with Nintendo far more than Microsoft. So if Nintendo were to choose from third party characters that has more of a legacy with them, I see them picking Banjo Kazooie as DLC...
HOWEVER...
Minecraft keeps popping in leaks, rumor mills and such, but the information is that SOME Minecraft content is in the game, but has not been stated as to what it is. It could literally be anything at this point; an assist trophy, a spirit, a stage, or Steve as a character. This is where my fanboy mind goes into the cynical train of thought. Regardless of how we feel about Minecraft as a whole, it is hard to deny that it has become an iconic franchise for this generation of gamers, and Microsoft has been very lucrative with it. Plus, the game has more entries on Nintendo systems that Banjo-Kazooie has as of late. My conclusion? Microsoft really wants to push the franchise that is still making them money and Nintendo wants something that is more tied to them than any other Microsoft IP. So the cynic in me says that Steve from Minecraft could very well be DLC.
The problem, though, is that Steve and Minecraft as a whole is built around the idea of user creation. The franchise HAS a lot and even a bit of a sound to it, but everything is user generated. Steve is a literal blank canvas that would make his inclusion seem anti-climatic, especially considering the price we will pay for his inclusion. But the cynic in me says that he might be in.
As for the remaining three....it can go everywhere to be honest. It can go to another third party character Nintendo has close ties to, or a Nintendo IP they personally want to focus on (like Daemon X or whatever that mech game is). The bottom line for ALL characters, though, is that they have to be worthy of the price we are paying for, so the selections must have been great enough for Nintendo to say "this is it, we want them in" and Sakurai said "yes sir!"
TL:DR; the Square rep could be anyone at this point, fans want Banjo but MS may want Steve as the MS representative, the remaining three could be literally anyone at this point, leaks and rumors be darned.