So I'm probably wicked late on this, between sticking away from the board due to potential spoilers and being busy with school / other games, but this is the topic that currently interests me the most in regards to DLC, since everything else is honestly a shot in the dark. So of those 7 Square Enix characters mentioned in the list, I'm honestly very unsure of what to think.
SE being so incredibly stingy with Final Fantasy content that Cloud can't even get his old render for his Fighter Spirit spells bad news for everyone but Geno to me, since it's apparent Nintendo has access to him in some capacity if he can be a Mii costume and now a Spirit. But at the same time, that old argument of 'nothing to lose, but nothing to gain' echoes in my head, and I'm really unsure how willing they'd be willing to make Geno a full-on character, since all he really appeals to is the hardcore Smash fanbase and fans of a single 22-year-old game.
Dragon Quest makes sense from a mega-popularity standpoint, and the 3 characters (the mascot, the most popular protagonist, and the new protagonist) make sense. But the intense copyright snare, combined with Square being extremely difficult already, just makes me feel like it couldn't possibly happen. (Doesn't help I'm pretty uninterested in Dragon Quest, other than Slime a DQ character would be crazy boring to me, so that probably increases my bias)
Sephiroth would be badass, but with how hard it was to get Cloud at all, I just don't see it happening. That and his Masamune would be genuinely impossible to replicate in Smash in a fair way. And having Sephiroth but no One-Winged Angel would be an actual crime.
Chrono would be by far my favorite pick to make it in, but he suffers from the same problem as Geno, coming from one old as heck game. Granted, that game is frequently referred to as the best JRPG of all time, but it's old, owned by Squeenix, and the character design is another of Toriyama's. Feels like another unlikely choice, honestly.
Sora, on the other hand, still has a surprising amount going for him. Mostly owned by Disney, only requiring a yes from Nomura, which he made pretty clear he'd be willing to give, higher-ups at Disney (perhaps not the exactly right higher-ups, but somebody important) mentioning Sora in Smash would be fine, it'd market for Kingdom Hearts 3 (and it not coming to Nintendo isn't a problem, both Snake and Ryu had upcoming titles for Playstation and they made it just fine) thus making SE more of that life-giving cash they so desire, and he's always been a massively popular choice seen as 'impossible' until reveals like Cloud.
Geno and Sora feel the most likely, with Sora probably having an edge, but hell, maybe nothing really matters at all and we get Cooking Mama.