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Hiku said:

Well, not every character can be a guest character. Those licenses aren't cheap. So the latest FE rep makes sense. Even though there are many FE characters in the game.

I imagined the three fingers/question marks could mean DMC3, Three Houses, No More Heroes 3, or 3 individual character reveals. Although the last one seemed very unlikely.

By the way, Capcom's Jan 16 announcement turned out to be a Style Change option for DMC3 for Switch.

Barkley said:

Welp... Fire Emblem character...

Not sure why this was apparently so secretive within Nintendo, nor why he said they'd be surprised.

Did Sakurai say people would be surprised?

Does Nintendo pay licensing fees?  Honestly for a character like Banjo, it seems like Microsoft gains as much or more from him being in Smash than Smash gains from his presence.