Of course, I know there are a lot of things concerning the tier list for this wiki, however, I have more of a proposal than just a singular list. You can actually put your own tier list on this thread, if you want to. I can also give reasonable arguments about mine, should someone request an argument be made. I will average this out if anyone else makes their own tier list.
S Tier (1-7): Marth, Falco, Ganondorf/Captain Falcon, Link, Peach, Fox
A Tier (8-12): Sheik, Pikachu, Dr. Mario, Ice Climbers, Jigglypuff
B Tier (13-17): Luigi, Roy, Young Link, Mewtwo, Zelda
C Tier (18-23): Mario, Samus, Yoshi, Donkey Kong, Bowser, Pichu
F Tier (24-26): Ness, Kirby, Mr. Game and Watch
Edited by Mark Briggs aka Max Elite on 1/17/2020. This based off years of practical experience. I've played this game for over a decade without the stigma of competitive tournaments. I think it's better to rate it on a scale of 1-10. The characters are closer with optimal play imo. I will discuss what would raise the bar for some.
10. Your best efforts.
9.5 Shiek (stronger)
9.4 Marth (stronger)
9.3 Ice Climbers (faster)
9.2 Peach (faster, stronger)
9.1 Captain Falcon (armed, actions)
9.0 Jigglypuff (stronger)
8.9 Samus, Link (faster)
8.8 Pikachu (stronger), Yoshi (faster), Ganondorf (actions)
8.7 Luigi, Dr. Mario (recovery)
8.5 Young Link (stronger), Mewtwo (agility), Zelda (faster, actions)
8.3 Mario, Donkey Kong, Roy (faster, recovery)
8.0 Ness, Kirby, Mr. Game and Watch, Pichu, Bowser (Deleted, Reworked)
Closer matchups if the lower characters had better recoveries overall according to me. Another solution is to remove the edgeguard in this game like the future games do. Also, hold onto another character or stage as a recovery. Most characters have the ability to knock out higher characters though they lack speed to utilize their current recoveries. Or simply make everyone's recovery as fast as Fox's and/or more unpredictability in motions.