Mind, I don't particularly think they'll hit it, given the precedent for Smash Bros. to have smallish rosters, but it's perfectly possible if they don't rush it. --- There will never be a game as horribly disappointing as Other M 3DS Friend Code: 2234-7169-9510
Why are you excluding transformations? They still count as separate characters.
http://i294.photobucket.com/albums/mm87/MatthewWhite150/zero7ql.png --- Ninten/Giygas/Porky/Masked Man_Ridley_Black Shadow_Little Mac_Animal Crosser_Toad/Bowser Jr._Mega Man_Mewtwo_Palutena and Terra FOR SMASH! / = Either one