My current top 10.
1. Waluigi (Mario) - My most wanted character. This guy is pretty much the most underappreciated among the Mario cast. He has been in so many games, of course spinoff titles, though he has shined in those games due to his personality and skill. Lots of backlash when the AT reveal happened and no other character besides Waluigi was covered by a national newspaper such as the Washington Post. Nintendo is definitely listening to the requests for Waluigi and Reggie has commented on the topic too. If any AT can be promoted in-game, it has to be Waluigi. Waluigi needs to be in a Wario Land/World game or a main Mario series title or even RPG games. He is still of the big names left that still isn't in Smash alongside Dixie and Toad.
2. Dixie Kong (Donkey Kong) - The only core DKC character that still hasn't made the cut. Her absence is a strange one. She was a planned character for Brawl as a tag-team concept with Diddy. That was scrapped and only Diddy got in. I thought she would have a chance in Smash 4 since Tropical Freeze was recent at that time and more female characters were being added in Smash 4. Dixie got passed again for that game and so far in Ultimate though she hasn't had a definitely physical role in Smash besides trophies and spirits. She was playable in more in the original DKC trilogy than DK himself which says a lot there. Many people say that she should be an echo and I disagree there. Her hair is her main trait and it will be the key feature of her moveset. Don't forget she was the second female hero to appear after Samus. Waluigi and Dixie are the key missing pieces to the roster for me.
3. Isaac (Golden Sun) - There still needs to be more new 1st/2nd party franchises that can be added to the mix and Golden is one of them. Isaac would be more than an ordinary swordfighter as the Psynergy would a primary part of his moveset. Here's hoping that Golden Sun can get more recognition with a Switch remake/title.
4. Dr. Robotnik (Sonic) - Robotnik is my most wanted Sonic character. I know people think Tails should be the next Sonic rep, I think that Robotnik should be added next since he has been there since the very beginning alongside Sonic. I would be interested to see what he could do with his tech. Plus, having another villain in the roster is a positive.
5. Funky Kong (Donkey Kong) - I love Funky's personality a lot. He could be an echo for DK or the team could try to do something that fits his bodacious style since he carries that surf board around. I'm glad that Funky got to be playable in main DKC game. Smash can definitely use Funky Mode
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6. Gruntilda (Banjo-Kazooie) - Now that Banjo & Kazooie finally their dues, Gruntilda as my next choice from the franchise. I have to say she looks fantastic in Ultimate though I wish she would do her iconic rhyming on the Spiral Mountain. I'm glad she is getting more recognition after all these years. She is an iconic villain who deserves a shot.
7. Captain Syrup (Wario) - It's unfortunate to see WarioWare get treated as Wario's main franchise when the series the made Wario iconic in the first place gets pushed to the side like it's nothing. Though at least, Wario got his Shoulder Bash move back again and we got more Wario Land content which is a step in the right direction. Capt. Syrup would make a good addition from a series that deserves more attention again. Syrup has history with Wario since they are rivals going back to Wario Land 1.
8. Black Shadow (F-Zero) - Many people have been clamoring for F-Zero to make a comeback the last title in 2004. F-Zero is deserving to have a second character since Falcon has been the lone rep since the 64 days. Black Shadow would make a good antagonist addition to the series.
9. Knuckles (Sonic) - Knuckles has been one of my favorite Sonic characters. After Robotnik, Knuckles is next in line as far as Sonic characters go. His fighting style would adapt really well into Smash.
10. Samurai Goroh (F-Zero) - I feel like that Goroh is probably among the more overlooked ATs as far as requests go. Like Waluigi, he has been an AT for three Smash titles in a row. That is something that no other F-Zero character has (no even Black Shadow). He goes back to the original game in the series as he was one of four (alongside Captain Falcon, Pico, and Dr. Stewart). Samurai Goroh deserves a shot since he is among the more well-known F-Zero characters plus he is Falcon's rival and did appear in the Melee opening with him clashing with Falcon.
Honorable mentions - Toad, Mumbo, Takamaru, Krystal, Sami, Impa, Pico, Porky, Marina Liteyears, Cranky Kong, Medusa, Andy, Dillon, Saki, Tails, Marx, Shadow, Bandana Dee, Conker, Micaiah