While it isn’t directly Shantae related, I wanted to put my 2 cents in on what seems to be the newest up and coming rumor-
While I never put stock in leaks or “insider knowledge”, this sort of observation is definitely worth looking into. In case you can’t view the video or are in a place where you can’t have sound on, to summarize -
Internal files on Nintendo’s sites have codes with them for organizations sake. FP1 had 7 sequential numbers for it - one for Plant, then Joker, Hero, Banjo, Terry, Byleth, AND Rex’s Mii costume.
FP2 has the same thing, but there’s actually 8 codes. Min Min, Steve, Sephiroth, Pyra/Mythra share one, next fighter, final known fighter... but then there’s an unused number, followed right after by the Ancient Armor Mii Costume.
So people are speculating there may be a bonus “free character” along the lines of how Plant was a free bonus with FP1 before becoming separate DLC.
If this ends up being true? I’m almost certain it would have to be a Nintendo owned character, because a third party likely wouldn’t agree to a free release. And if you ask me, it’s likely to be a character that some people would be hype over but also might not be a full DLC-system seller. So I’m placing bets on if it’s real, we’re seeing Bandana Dee or Waluigi sneaks in at the very last second in a crazy upset.
As for how this relates to Shantae? I’m not so sure. Though, I do think it could tie into the final fighter pick being an indie character since Smash seems keen on giving Indies extra value to be more enticing since they technically have a smaller reach (as least compared to massive AAA characters), hence why Sans and Cuphead came with music tracks unlike any other mii. So having a bonus character announced at the same time as a character like Shantae that wouldn’t spark ire but might get a few people who don’t know her to be happier with the announcement. Buuuut this is all getting tinfoil hat level now.