Or maybe the dude from Brave Fencer Musashi.
@dvdhaus: I'm trying to stick to games that were published and/or developed by Sony since those wouldn't require crazy licensing deals.
How about Crash Bandicoot? He's no longer an exclusive but he'd make a great character for any platform brawler or whatever these types of Smash-like games are categorized as.
@manicraider: Ideally, you would want Crash and Spyro in there for historical significance as past Sony mascots, but they're not Sony characters anymore, so I didn't include them on the list.
...if Kevin Butler was in the roster.....
@GS_Dan: I second that emotion!
Did they already announce Jak? If not, then that's who I'd want. Why wouldn't they put him in there?
I'd go with Max (of Dark Cloud 2 fame) over Toan, for a Power Stone-esque Ridepod power-up mode. Also Max's mix of gun and wrench weaponry makes him more versatile.
I'll just randomly name characters from PlayStation exclusives in case any fit: Hyakkimaru, a Shibito, Yuri Hyuga, Charlie Tunoku, Justin, The Prince of Falena (or Georg Prime), Senel Coolidge, Lenneth Valkyrie, Virginia Maxwell and Kazuma Kiryu.
@Mento: You're probably right about Max. I should add him either way.
The others you named include some good options, but, again, I was primarily looking at characters in games published or developed by Sony. Just being a PlayStation exclusive game doesn't mean they wouldn't have to license that character to get them in the game.
@dvdhaus: I could see them having cameos, but I don't know about playable characters. Right now I'm just adding ones I thought about but didn't have pages (Mark of Kri and Genji).
@Hailinel: Cool. I didn't realize he was based on a real person til I tried searching for a default image, but obviously I didn't take the time to research it and fill it out.
I had to click on many of those character pages to see what games they're from, so nice work choosing obscure characters. :)
@LordAndrew: Thanks. I found/remembered another five or so today. I'm sure 90% of these won't make the cut though.
@dvdhaus: Yeah, he's not a playable character (yet), but he is featured in one of the stages.
How about a car from Gran Turismo? Wouldn't you want to play as a car in a fighting game?
So many of characters on this list made me go "YES"