I feel like people vastly overestimate Eggman's chances. His speculation came about as a realization that Smash could use more villains so "naturally" Eggman is the next logical step because "
they just have to"
I honestly, truly feel like every character has just as much of a chance as anyone else. So far none of the Pass 2 picks have been truly heavily speculated characters since we all assumed Steve was dead after Banjo and that Sephiroth wouldn't happen because Cloud was already a hassle to get.
With all that in mind, I'm going to go with a pick I think everyone sleeps on:
Nightmare from Soul Calibur.
He's a long overdue Bamco rep who could bring back Lloyd's costume, another fighting game rep and we all know Sakurai is a big FGC guy, and having the edge of having history with Nintendo as Link was in Soul Calibur 2 and has faced Nightmare before. Wouldn't it be something for a reveal to stage a big rematch between the two?
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Other than that, I would go with Sora, a character everyone writes off but is not as impossible as people make him out to be, but I'm leaning more Nightmare