Square Enix character: Despite many believing leakers have been BTFO, I still believe in an Square Enix character. Too many people have heard about it for it NOT to happen. As to who it'll be, I can't tell you one way or another, other than likely not Geno (that's my own speculation at this point), given that "the list" has likely gone out the window at this point given how Nintendo has shown itself to be capable of spreading convincing misinformation. It could be Sora, who would certainly be unexpected by many due to him being owned by Disney, Erdrick/DQ Hero due to them being designed by Akira Toriyama and the cultural icon status of Dragon Quest in Japan combined with Square Enix's push to get the series popular worldwide (refer to
Calane
for more evidence), Lara Croft for being a similar icon of video gaming, having a movie series based off of her among other iconic feats, or another Final Fantasy character like Terra or Bartz, who aren't commonly speculated and would make Final Fantasy the first third party series to have two unique characters.
Why not Geno? He has no relevance and Square Enix have shown themselves to be all about having relevant characters in crossovers (see Noctis in Tekken and 2B in Soul Calibur 6, refer to
A.G.L.
for further evidence). In comparison to other popular Smash picks like Ridley and K. Rool he lacks overwhelming popularity and compared to other third parties he lacks a icon status, at best having cult popularity. And before you argue "but Joker is niche" he represents Persona, one of the most popular JRPG series, and is from a game of the year competitor known for revitalizing interest in the entire genre,
AND Shin Megami Tensei, a historical and iconic series with strong ties to Nintendo. Unless something happened behind the scenes for Nintendo to buy the rights to the SMRPG crew I don't see Square Enix playing ball for Geno over someone else like Lara Croft or Erdrick. While Sakurai may have said he's wanted Geno in since Brawl, if Geno wasn't on the list of characters presented to him by Nintendo, there's nothing he can do.
And before anyone accuses me of Geno bashing (because I surely will be), I like Geno perfectly fine, and I'd be happy for his fans if he got in, they've waited long enough and now's Geno's best chance to get in. That being said, I don't think he's likely, and I think anyone who thinks he's a given will likely be sorely surprised.
Lloyd Irving: This guy is the closest thing we have to a lock right now in my opinion. He's mysteriously absent from any reference (Heihachi is now a reference in Pac-Man's Namco Bandai taunt), Tales of is a massive series, spawning multiple anime and manga series, novelizations, CD dramas and radio specials, and
an entire theatrical film. The series also apparently has/had a theme park attraction, but I have no source for that. While most of it's popularity is in Japan, it has better worldwide success than Dragon Quest, and that's thanks to Tales of Symphonia,
the breakout game that got the series into the West. Nintendo worked closely alongside Namco Bandai to market the game, and Tales of Symphonia is closely associated with Nintendo because of that, making Lloyd a natural pick. While Sakurai chose Cloud over Nintendo Final Fantasy picks Terra, Bartz, etc., he stated that
Lloyd is the natural pick for a Tales of rep. Namco Bandai, despite developing the game, still only has one character while Capcom, Konami, and Sega all have three (Gee Sega, why does your mom let YOU have three unique characters), which makes the inclusion of another Namco rep incredibly easy.
Microsoft Rep: This one is either going to be Steve or Banjo & Kazooie. The argument comes down to Minecraft being a cultural icon and Banjo & Kazooie being more popular within the core fanbase. Despite my argument against Geno's vocal fanbase, I believe that the Banjo fans could potentially pull off his inclusion due to them being heard and acknowledged by Phil Swift. That being said, Minecraft is why Nintendo and Microsoft are so close to begin with, which makes Steve the more likely pick in my opinion.
???: I'm not gonna make an attempt to guess this one. My typical guess would be DOOM Slayer, but I acknowledge that it could be Phoenix Wright, Dante, Rayman, or someone else not even expected like Spiderman lol