Persona 4 Arena/WMG

The Ultimate in Mayonaka Arena takes place after the

 * If I may add? It is notable that these screenshots show a non-beautiful TV World unlike the ending.
 * But isn't it confirmed that this is all just a tournament set up by Teddie?
 * Nope.
 * Jossed
 * Jossed

The Ultimate in Mayonaka Arena will have the Protagonist of Persona 3

 * http://www.siliconera.com/postgallery/?p_gal=155739|6 If you look, there are currently 6 characters revealed. Factoring in Naoto and Teddie, that leaves 2 left. It's been implied that there will be more characters from Persona 3 and the events of Persona 4 (going into more WMG territory) show mankind has the potential to defy fate and their inner selves. That seems to have a lot to do with the  This also explains why (as mentioned on the main page) Aigis has Pallas Athena and not

Aigis was sent by Kirijou to investigate the TV World.
The Kirijou Group only recently managed to discover its existence and wants to know if it poses a threat. In order to make sure Aigis is as prepared as possible in case anything bad were to occur, they outfitted her with some bigger guns. She doesn't have a team anymore after all, so clearly the bigger the better.
 * Seeing as how Mitsuru herself has now joined the fray...

The rest of the P3 gang won't show up.
It's been two years, so it might be a pain to create new character designs for all of them to accommodate that. Plus ATLUS might want to keep their current status vague and up to our imaginations. Aigis is a robot who doesn't age, so she's exempt.
 * Jossed. Akihiko and Mitsuru are confirmed to have spots in the roster, so playability is still open for Yukari, Junpei, Fuuka, Ken, and Koromaru (with Fuuka as a second MC alongside Rise).

The final two playable characters will be
In the event that Aigis is the only Persona 3 character in this game, these two are the only other people in Persona 4 that the player can see summoning a Persona and (unlike Rise) have actual fighting abilities.
 * Well, Aegis is not the only P3 character in it anymore, and taking account the game follows the canon of both Persona 3 and 4, will be kind  to be participating on the P-1 Grand Prix; unless the plot delves into more complex events that somehow forces  to help/fight the heroes, the only chance he has to be in the arena is as a DLC character; normally DLC content can be rendered into the non-canon part of the game.

Tatsuya Suou and Maya Amano will be playable characters.
Akin to how Roy was in Super Smash Bros. Melee to promote his game, Tatsuya and Maya will be revealed around the same time Atlus announces a PSP remake of Innocent Sin.
 * The PSP remake of Innocent Sin was announced (and I think out in Japan) before this was announced. If anything, it'd be Katsuya and Maya, as a cross promotion with a Eternal Punishment PSP remake. (Not to mention, unlike Tatsuya, both of those still can use their Personas without having to twist the plot around)

We will get real alternate costumes instead of just palette swaps

 * We can dream, can't we?
 * It's possible, if only to avoid They Changed It, Now It Sucks complaints about Akihiko & Mitsuru (And any other Persona3 characters who turn up) having new looks.

The whole plot is Hazama's doing.
He thought it would be fun to pop up in the Persona world and cause chaos for kicks. It sounds like something he'd do, doesn't it?
 * For extra fun, his "Persona" is calling Mu-12 from off screen to use Gamma Ray.
 * He may be trying to learn the Shadow system in the Persona world, and when he perfected it, he'll get back to the Blaz Blue world and spread the Shadows into the Blaz Blue cast, creating even bigger mayhem. I mean who wouldn't want to see a Shadow Ragna?
 * Long time reader, first time poster. This troper has wondered for a while if there was a connection between Hazama and the Shadow Characters. Both have Eyes of Gold and a habit of Trolling their opponents.
 * Hazama vs. Adachi. You know you want it.
 * Forget Adachi. Hazama teaming up with Nyarlathotep is where it's at.

Hitoshura will be a bonus boss.
Why? Cause that would be a really mean move by Atlus. Remeber, they get off on our tears.
 * But then imagine playing as him. FREIKUGAL!

This game will have allusions to Persona 5
It's not exactly impossible, events for Persona 5 could certainly be hinted at in the endings for different characters.

Future character WMG

 * A Guest Fighter from Blaz Blue
 * Considering that the developers are the same, Atlus could at least afford to have a Blazblue fighter included. Besides, the control schemes are roughly the same, aren't they?
 * You might as well be Relius Clover. See the below WMG.
 * A Guest Fighter from Guilty Gear
 * For the same reasons as above.
 * Most (if not all) of the members of S.E.E.S
 * Since we have Aigis, Akihiko and Mitsuru included into the ranks, it would make some sense to have the rest of the team come back. This could also lead to some interesting match-ups between the two generations of Persona users (Minato/Yu, Junpei/Yosuke, Akihiko/Kanji, Aigis/Chie).
 * However, if we are to take the alternate colors, we probably would have to take Minato (alt color for Yuu) and Yukari (alt color for Chie) out.
 * Adachi and/or Strega
 * Since there aren't all villain characters, it would make sense to put in these guys. Never mind the fact that Adachi repented for his crimes and that the members of Strega died.
 * Strega members looked impossible if we count that Takaya becomes an alt-costume for Akihiko, while Chidori becomes an alt-costume for Yukiko.
 * Rise
 * Let's be honest: she must have been doing some training or hiding some skills that none of her teammates don't know about.
 * The most plausible, as she does have in-game sprites for pre-battle cutscenes. Just give her a full movelist and a palette swap of Minako Arisato (only if Minato doesn't make it, see below WMG) and Platinum The Trinity and she's good to go.
 * Margaret/Elizabeth/Theo
 * Because you can't have a fighting game made by two companies who are known for making brutally hard bosses not have one.
 * Elizabeth is now confirmed.
 * Characters from Persona 5
 * If I recall correctly, Atlus is indeed working on Persona 5. Would make sense to make an Early Bird Cameo right now, won't it?
 * Naoya and Maya
 * Come on! I wanna see what the former protagonists are doing now after 10 or 20 years. I'd add Tatsuya too but plot prevents that.
 * Naoya can have a small chance, but Maya is confirmed as a Mitsuru alt-color, so she's probably out of quotation now.
 * Nyarlathotep
 * It is stated that As Long As There Is Evil, he'll be back. What good chance aside of now, after years of absence, that he'll be back to wreak chaos again? Could be a good contender for Big Bad and Final Boss.
 * May be jossed that Thanatos (Elizabeth's Persona) has a Joker-Nyarlathotep color scheme. However, not fully because Nyarlathotep's modus operandi is to disguise himself as anything. Which opens possibility that Elizabeth was being manipulated by Nyarlathotep to become the Bonus Boss.
 * Nanako
 * She will fight cosplaying her favorite Magical Girl detective, Loveline. Her S. Link arcana is Justice after all. Not to mention the current cast is lacking a Token Mini-Moe / Magical Girl.
 * Why, you ask? Because it's f***in AWESOME!
 * Demi-Fiend/Hitoshura and Raidou Kuzunoha the 14th
 * What? C'mon, guys! They're passable with a little Amala Network and Akarana Corridor hijinks! Beside, who doesn't want to play as the most Badass demon and demon-slayer ever?
 * Then what would Hitoshura's persona be? Pixie or Lucifer?
 * Dante.
 * Or Black Frost!
 * Ryoji
 * The reason why can be found here. But since Thanatos was taken, how about his "Persona" being The Reaper?
 * Vincent
 * His fighting style will involve getting drunk and pushing blocks around to screw with the characters' movements. As for his Persona, . Now, it would make the most sense if this Vincent came from   Of course, they could always keep his ending ambiguous.
 * His fighting style will involve getting drunk and pushing blocks around to screw with the characters' movements. As for his Persona, . Now, it would make the most sense if this Vincent came from   Of course, they could always keep his ending ambiguous.

The final boss will be Aigis
They've been setting up this rivalry of sorts between her and Yu, the most likely other candidate is Teddie, who doesn't have any reason to be strong enough to pass off as a final boss, where as Aigis(may) have the Wild Card.
 * Whoever the Final Boss may be, it sure won't a normal version of theirs if it turns out to be one of the playable characters, like Aigis and Teddie, Akysis wouldn't be a regular on the SNK Boss Syndrome otherwise.
 * Jossed. It's

The tournament is Not Just a Tournament
Obvious but CALLING IT!

Minato Arisato (Persona 3 Protagonist) .
Would be a nice twist, instead of the expected.
 * Jossed, it's
 * Doesn't leave out the possibility of him being a Bonus Boss. We have Labrys, her Shadow self and Elizabeth, who I am very sure are capable Persona users in their own right. However, compare that to taking on Death itself and... well, he died, but still... With regards to actually being a Bonus Boss, he can go several ways:
 * The Street Fighter II route: Minato acts as the Giant Space Flea From Nowhere and takes Shadow Labrys out of the battle to face you himself.
 * The Street Fighter IV route: Perform well, and you can fight him (or Elizabeth).
 * Minato would end up as an ungodly hard boss to fight, being well-rounded like Yu, is fast as Yosuke or Naoto, can hit like Kanji and Akihiko and has a shitload of stamina. But when you play as him, he ends up as a regular type guy like Seth only not painfully broken as him. He would use Orpheus or Messiah and would have palettes based on Minako and Hakumen. And taking in the WMG saying that those characters who do not have palette swap representations in the game, he still has a pretty good shot at going in.

Those not receiving an alt-color have a chance to be a guest/bonus character
In particular, Persona 1 characters (Naoya or most probably either Nanjou or Elly since they are playable in Eternal Punishment) or Tatsuya and maybe Ginko. It's mostly a known cause that 'if you're an alternate color, you're probably not in the game'. Which also makes it more plausible to pick Sol Badguy as a guest...

The obligatory Arc Sys character super modes will have the evolved Personas.
Except Yu, who's going to just kill everything with Yoshitsune.
 * For now it seems the Unlimited/Gold equivalents are going to be Shadow versions of each character, as there are two Shadow characters in already.
 * By that logic, does this mean that we get to see a gay, diaper-wearing version of Kanji trying to kick our asses?
 * Slightly Jossed with Shadow, who is counted as a separate character with regards to gameplay from her original self.
 * For the Persona 3 cast, Mitsuru and Akihiko will instead wear their original outfits and Aigis will borrow Orpheus Telos.

Relius Clover will be a guest character.
Let's list out several points:
 * Relius' Drive attack has him summon the marionette Ignis to attack the opponent. Seeing as how he comes the closest a Blazblue character has to a Persona-like fighter, it would make sense.
 * Nobody I've seen so far has a Persona attack similar to Detonator... at least not for the moment.
 * He isn't part of the group of Blazblue characters who are palette swaps for existing Persona characters (Ragna = Yu, Jin = Yosuke, Makoto = Chie, Taokaka = Teddie, Hazama = Naoto, Tager = Kanji, Bang = Akihiko, Carl = Yukiko, Nu-13 = Aigis, Litchi = Mitsuru), so he's somewhat safe.
 * The only problem would have to be his Astral Heat, "The Puppeteer's Altar", considering that he would end up as the oldest competitor, plus the context of his Astral. They would need to censor the hell out of that.
 * The bad news is that this will probably never happen, but the good news is that Elizabeth has a Relius color palette!

Persona main character Naoya Toudou will be a hidden character or DLC.

 * Personally I think they have kept this guy side lined for too long so I really hope we get to see him again showing up maybe due to sensing the gathering of persona users or just because also It would be cool to have him talk to Yu or something I'm sure enough fans want him back

Persona Users from P3 Keep their Ultimate Persona because they are Parallel to P4's Starter Persona.

 * Ok, This is a bit of Fridge Logic, so bare with me as I elaborate. As the Investigation Team grows larger in P4, They gain their persona by acquiring the Facade to face the world. The Seeds in P3 never faced themselves like the Investigation Team. When they receive their "Ultimate" Persona in that game, they finally gained the facade to deal with death. The Ultimate Persona in P4 are just bonuses to hook you into ranking up with the Team faster than other Links (As seen by Chie, Akiko, and Kanji in Persona 4: The Golden having Different Ultimate Persona compared to the original).
 * I reject that theory because the P3 characters eventually get their resolution without having to fight their shadows.

Shadow Yu is going to use Magatsu Izanagi for a Persona.
Simply because A that would be awesome and B it kinda would make sense
 * Personas are reflections (which may be twisted) of a person's true self, just because Magatsu Izanagi is Izanagi's Evil Twin, doesn't mean that Yu's twisted self would be Magatsu Izanagi itself; Magatsu Izanagi is Adachi's persona, his true twisted self, if reverts were a possibilty, your logic would also imply that a good natured Adachi would have Izanagi itself as his persona. Conslusion, main personas are exclusive.
 * But what i mean by it would make sense is it is in a way a reverse Izanagi Im sure enough fans would like to use it and it beats going to the drawing bored when a good deal of people would probably like or accept the idea of using Magatsu Izanagi
 * Going by the Shadows in Persona 2, Shadow Yu's Persona would be Reverse Izanagi. However, going by Shadow Labrys, it might be something else entirely (Shadow Labrys has a different Persona than Labrys does). So who knows?

This game's version of Unlimited will be called Awakened

 * That way you get characters like Awakened Yu, or Awakened Chie. Because it's too good of a word not to be used.

Elizabeth's Thanatos is not some random Persona she fused.
It's actually  and contact Elizabeth. Now they working together in order to.