The last DLC character for Super Smash Bros. Ultimate will be announced soon, and speculation is running wild about who the final fighter will be. There are definitely some characters who are more likely than others, based on previous statements from developers, and some recent leaks that could have revealed the identity of the last fighter.
When choosing these fighters, any assist trophies and Mii Fighter costumes were ruled out. Super Smash Bros. Ultimate isn't going to include Geno, Shantae, or Sans after already charging for costumes based on the characters. The assist trophies are particularly heartbreaking, as it rules out Waluigi. It's possible that a character from the same series as an assist trophy could appear, as a Monster Hunter character could be in the final slot, but Rathalos won't be.
The final Super Smash Bros. Ultimate Direct will be held on October 5, and it will end a saga that has been happening for three years. It will be a sad day when the last Super Smash Bros. Ultimate character is revealed, as the days of leaks and speculation will come to an end. There are some characters who fans are expecting to appear, while others are unlikely to receive the special letter.
Likely: Master Chief From Halo
Super Smash Bros. Ultimate already has two Microsoft reps, but they are characters that didn't originate with the company. Banjo-Kazooie debuted on Nintendo systems and only fell under the Microsoft umbrella when the company bought Rare, and Minecraft was a big deal long before Microsoft purchased Mojang. It's obvious that Microsoft and Nintendo are on good terms, even down to Banjo-Kazooie appearing on Nintendo Switch Online in the future. Master Chief is easily the most iconic character owned by Xbox Game Studios, and him finishing the fight would be a great way to end the DLC. There's also the small matter of Halo Infinite launching in November, so it wouldn't be surprising if Master Chief arrived in Super Smash Bros. Ultimate around the same time.
Unlikely: Kiryu From Yakuza
There have been a number of developers who have expressed a desire for their character to appear in Super Smash Bros. Ultimate, as it brings a certain level of prestige to their property. Who wouldn't want to see their character trade blows with the likes of Mario, Cloud Strife, and Pikachu? Yet it turns out that at least one developer doesn't want their character in Super Smash Bros. Ultimate. Yakuza creator Toshihiro Nagoshi has said that he doesn't want Kiryu from Yakuza to appear in fighting games, as most such titles have female characters, and striking them would be out of character for him. Super Smash Bros. Ultimate has lots of female characters, which would rule out Kiryu under any such restriction. It's possible that Ichiban Kasuga, the protagonist of Yakuza: Like a Dragon could appear instead, but he's only appeared in one game to date and doesn't have quite the same name value as Kiryu.
Likely: A Generation VIII Pokémon
A lot of fans are putting stock in the idea that the last Super Smash Bros. Ultimate DLC fighter will be a big deal. It bears mentioning that the last characters revealed for the base game were Ken (an Echo fighter) and Incineroar (another Pokémon). The final DLC character for the first Fighters Pass was Byleth from Fire Emblem: Three Houses, which was one of the most reviled choices for a character slot, and a questionable way to end the first wave of DLC.
If the final Super Smash Bros. Ultimate is just another character, then a Pokémon from Pokémon Sword and Shield feel like an obvious pick. Pokémon Sword and Shield were massive hits, being the best-selling entries in the series that weren't released on the Game Boy. There are lots of potential options for a Pokémon, such as Rillaboom (to add a fully-evolved Grass-type starter), Sirfetch'd (another swordsman, even though it's technically a lance), or one of the box Legendary Pokémon. Gen VIII has yet to be represented in Super Smash Bros. Ultimate, which is why it would be an obvious, if rather pedestrian, choice for the final DLC slot.
Unlikely: Anime Or Comic Book Characters
A lot of people want Goku to appear in Super Smash Bros. Ultimate. There is also a vocal audience for characters like Iron Man, Spider-Man, and even Shrek. Masahiro Sakurai has shut down the idea of a non-game character appearing in Super Smash Bros. Ultimate. Sakurai said in one of his Famitsu columns that characters like Goku or Iron Man won't be appearing in Super Smash Bros. while he is in charge of the series. The Dragon Ball fans of the world will just have to squint while playing as Hero in order to get their fix.
Likely: Sora From Kingdom Hearts
Sora seemed like an unlikely prospect for a long time. Super Smash Bros. Ultimate already has a lot of Square Enix representation, in the form of Cloud, Hero, and Sephiroth. Bringing in Sora would also involve Disney, which would likely present all kinds of logistical nightmares for a crossover game. There is a reason to believe that Sora will be the final DLC character, however, based on a recent rumored Smash Bros. leak. A user on 4Chan made a post back in July, claiming that Nintendo was requesting Disney music for an event happening on October 5. It's possible that this was a total guess, in the same way that people guessed a few of the second Fighters Pass characters, but knowing the correct date adds some credence to the leak. There's still a chance that a Keyblade-wielder will appear in Super Smash Bros. Ultimate.
The final Super Smash Bros. Ultimate Direct will take place on October 5, 2021.