I'm sure it was ready to release then, but instead they delayed it as the 2014 wii u lineup would have been even more scarce.

Zelda being pushed back to 2016 is certainly a possibility. It's almost a prerequisite for that series to have a delay or two.

No way that Smash Bros U is not coming out this year though. Nintendo will whip Sakurai like a mule and force him to work triple overtime if need be to make it happen.

Smash bros in 2015: not a chance.
Zelda U in 2016: possible.

Sure, but Nintendo had 3D World for the holiday and was likely spacing out their games.  There's nothing that could even come close to Smash regarding their holiday game.  There's a lot more riding on Smash making it out this year than there was for Tropical Freeze keeping its listed date last holiday.

Nintendo have tried to ride out a holiday without relevant titles before, in 2008.

I personally think Smash Bros for Wii U is still set for 2014, but we have no idea how far in development they are with Zelda U so that could definitely be pushed to 2016. However, I'd like to think they've got their timing more accurate since then (and no, Nintendo doesn't ALWAYS delay their games. Plenty of them released on schedule).

Zelda sure, Smash, I don't think so. Surely all that's left to do with Smash is gameplay balancing, online testing and padding out the content. It was obviously imminently playable at E3 and it is their big holiday title.

Doesn't stop them from having another drought.

I hope not. We can only take consolation in the fact that Namco Bandai has experience developing in HD and that EAD 3 has experience with an open world, cell-shaded, HD Zelda.

It would cost them way too much to delay Smash.