Well considering that a few characters could wipe the floor with the rest I'll single them out.
I'd say canonically the two most powerful fighters for Smash would be Samus and Mewtwo. While the two best on Playstation would be Kratos and Zeus.
It'd basically come down to Mewtwo's psychic powers being strong enough to literally crush Kratos and Zeus. If Mewtwo could use his powers to keep them at bay then it'd be a stalemate -- ie. his psychic powers are enough to keep them from moving but not kill them.
"On my business card I am a corporate president. In my mind I am a game developer. But in my heart I am a gamer." - Satoru Iwata