The only problem I have is series representation. If you add one more Super Mario rep (probably either Toad or Bowser Jr.) and one more Zelda rep (probably Tetra, with or without a Toon Zelda transformation), that all will be good.
The problems I saw were: A.) Super Mario and Zelda have four, yet Pokémon has five. (I consider Paper Mario his own rep, and apperently so do you since you didn't put him in the same row as the others.) The "Big three" should be equal. B.) No series, even if it's a Mario spinoff, should have the same number of reps as one of the "Big Three". But increasing Mario's and Zelda's representations would fix that, so long as you don't also increase Donkey Kong's.
another problem I saw is that there's no room for the Random Character Slot. --- My SSB5 stuff: http://Rot8erConeX.deviantART.com/gallery/45743089 On the hunt for an SW forum | Fleshing out Supervillain Saga | Pi snags: 2
Seems fair and realistic with a couple of things that bug me. I think you need to choose between either K. Rool or Dixie, and I'd personally think that if Mario and Pokemon got 5 characters, they'd give a new one to Zelda as well. That's just me, though. I also think Pac-Man is all but a shoo-in at this point, even though I don't particularly care for him.
Okay I won't be a complete buttwad and tell you it sucks just because it has/doesn't have the one character I want/hate the most, but I will say it could use some work.
I feel like there are too many Mario, DK, and Pokemon characters. Get rid of Paper Mario, K. Rool, and either PT/Mewtwo/Lucario, and replace them with a character from a series that hasn't had any characters or a series that has fewer characters, and I'd say the representation would be less lopsided.
I wouldn't mind this kind of roster, but it doesn't seem to cover any major ground that hasn't already been covered (excluding WFT). --- Remember, don't take video games too seriously- Plenty of GameFAQs users will do that for you. -Official Kira of GameFAQs-