@FluxWaveZ: Well, that is true, yes. And thanks for correctin' my grammar, little things like those often slip my tongue.
I'm somewhat hoping, if there is a literal Story Mode, it would follow the trend of BB's style of VN-play, though that is only speculation until the actual game comes out, or when the official site reveals ATLUS' and ArcSys' ideas.
The thing is about that theory, Nebula427, is that the storyline states TEDDIE is the one who created the tournament, not Elizabeth or anyone else.
Sadly, I think the final slot may be random for the Character Select screen, while the Twitter Icon section is probably hinting at our Original Character final boss. I would hope Junpei and Yukari come as DLC down the line, and maybe more characters with Arcana diversity, if it were possible.