Finally saw the whole thing.
So it looks like Petey Piranha is a boss character... Likely the first boss character... And you have to beat him in 3 minutes, or whatever is left on the clock...
Hopefully, there are a bunch of boss characters. If deserving characters like K. Rool, Dedede or Ridley miss the cut as playables, I'd prefer them as bosses over Assists.
"[Our former customers] are unable to find software which they WANT to play."
"The way to solve this problem lies in how to communicate what kind of games [they CAN play]."
Satoru Iwata, Nintendo President. Only slightly paraphrased.