PeridotGX
Smash Hero
Aren't there five with more than 3? Mario, Zelda, Pokemon, Fire Emblem, and Metroid.What's interesting that despite 38 franchises represented via characters, only 4 have more than 3 characters. In fact, only 16 of them have at least two characters, 22 of them only have 1.
Now, if we're excluding legacy characters (characters that don't really have another feasible rep) and new franchise DLC, the franchises with 1 character are:
Metal Gear, Sonic, Pikmin, Mega Man, Yoshi, F-Zero, Wario, Pac-Man, Splatoon, Bayonetta, and Punch Out