Since this is the Square discussion thread, I figured I'd explain why the Geno fans that believe he couldn't get in after Erdrick as one of the remaining three DLC are up in arms (I still think it's possible and have explained my reasons earlier).
-This means that he really was leak bait, implying Square was well aware of his popularity and did nothing. The fact it made its way to supervisors at NoA according to PolarPanda's source makes it even worse. It honestly comes off as a sick joke if he's ultimately not in.
-A lot of people would have preferred for the band-aid to be ripped off if he wasn't playable, not this weird limbo. For example, why didn't they simply make him an assist trophy like Knuckles or Shovel Knight if it was totally out of the question?
-He's singled out a lot in the base game. Him, Mallow, and Cloud are the only SE characters as spirits, he's an online icon, he's one of the strongest non enhancing Legendary spirits (his full power is an even 10k), he's the closest spirit to the final boss in WoL, etc.
-Mii costume is gone, might not come back. Aside from Lloyd and Jacky, all the third party characters represented by costumes in Smash 4 are in tangible forms in the game, most were simply upgraded to assist trophies. Virtua Fighter has the Akira assist trophy and Lloyd is still super likely as DLC so, again, it feels like being singled out.
-Pretty much the only major popular character from the Brawl days now that isn't playable, an assist trophy, or a Mii costume. Even characters like Saki and Lip are now Mii costumes.
-On the topic of Brawl favorites, Black Knight, Sukapon, and Krystal finally became assist trophies, Isaac, Lip, Skull Kid, Saki, Ray 01 and Dixie all got Mii costumes, and Ridley and K. Rool finally became playable.
-Of course, the Nintendo Dream article from early 2016 but you all knew that.
-Super tin foily but in the Final Smash Direct, he's shown as an icon for Shulk, a character that can see the future. When this was pointed out, I think the fanbase let out a collective groan because, despite it just being a coincidence, it's one of things that makes you throw up your arms and say "Jesus, really?! 70+ characters and 700+ icons and THAT'S the combination they chose?"
-Yoko Shimomura has worked on every Smash game (still no SMRPG music in Smash though), most of the original staff for SMRPG work for Nintendo now under Alpha Dream including both directors, the producer was Shigeru Miyamoto himself, and even one of the two original character designers still works for Square Enix. The pieces are all lying in arms reach and it's super frustrating.
All this said, if Geno's not one of the last DLC characters, he was hard, hard swerved for whatever reason and the only consolation prize currently is a downgrade from Smash 4 that's the equivalent of a sticker. Only other character to be downgraded is Heihachi who is now one of Pac-Man's taunts but Sakurai said he was too complicated to be playable anyways. It all circles back to feeling like we weren't taken seriously as a fanbase despite 13 years of visibility and even Sakurai himself acknowledging us. If it all ends up being a net loss, I think we have the right to not only feel disappointed but actually upset.