Tweaked my tier list from a couple weeks ago. I'll briefly explain S and A tier below the picture, as well as sleepers and busters (aka people I won't be surprised move up or down in the future). Like last time, no customs and 1111 miis only. (Brawler does shoot up noticeably if he has access to all moves).

S tier:

1st: Sheik- Pretty self explanatory here. Super solid character. As of now has no clear cut losing matchups; at worst has evens or matchups she barely wins. Only real weakness is lack of solid and reliable kill power when without Rage.

2nd: Rosalina and Luma -This character, with Luma, can zone out virtually everyone in the game. Luma is an insanely powerful wall. Only really loses to Sheik (and I personally think its not by much if she does). Her obvious weakness is being much less effective when Luma is gone, but Rosa players have proved capable of effectively running from most of the cast until it returns. No hitbox on her recovery either, but its speed and the threat of Upair makes it hard for some characters to capitalize.

A tier:

3rd: ZSS - Fantastic frame data, several good kill moves, and most importantly, several low percent death combos which incorporate upb and down b. Her only agreed upon "bad" Matchup is Sheik, with other characters such as Rosalina, Fox, and Pikachu argued to give her trouble as well. Her weakness is an over reliance on grabs, which can lead to baits and hard punishes. ZSS may of been  #1 in the game if she had a normal less laggy grab.

4th: Fox- Despite the recent patch and double jab change, Fox remains an elite character. Excellent frame data, combos on the entire cast, several kill confirms, along with the ability to seamlessly switch between passive and aggressive playstyles. The jab change was actually a buff in some matchups, as the increased jab 2 hitstun (since it has more knockback now to prevent locks) allows for a double jab to dash upsmash confirm on many top tiers. The only place he will really feel the pain with the double jab cancel nerf are matchups which he had inescapable jablocks (ness, robin,  lucario, shulk, etc.) Despite this, pretty much all of those matchups are still okay for Fox. His new rapid kicks are also inescapable unless held for too long, so characters like sheik, mario, luigi, and yoshi can no longer interrupt his jab. His difficult matchups are Rosalina, Luigi on smaller stages where he cannot run, and I personally argue Robin (but again, that one's my opinion). His weaknesses are a below average off stage game (Shine buffed helped but its still not good), and a lack of safe options when getting back up onto the stage.

5th: Pikachu-  Like Fox, Pika can play either passive or aggressive. He lacks range, but makes up for it with speed and hard hitting kill moves that have very little end lag. He is also a fantastic edgeguarder, second only to Sheik. Weaknesses: Relatively low range and not many kill confirms.

6th: Yoshi - This character is not familiar with the term "end lag" Tons of safe moves if used properly by the yoshi player. There are very few opening to punish, so Yoshi can control space liberally due to this. Have jab to smash attack kill setups, as well as most of his moveset having kill potential. He only really loses to character fast enough to capitalize on what small openings he has, IE Sheik/Fox/etc.). As for Weaknesses, he can have trouble by being too scripted of a character, as well as being susceptible to Footstool gimps.

7th: Luigi - While this character is in most players' top 5s, I've dropped him some. As a result, those below him before moved up not because they got better since my last list, but because I'm rating Luigi as worse. Why? While he has tourney results, too many people are not abusing his weakness of being awful vs zoning or super campy play styles, and instead playing right into Luigi players hands by being aggressive. Luigi is arguably the best character in the game at point blank range, with tons of grab combos and kill confirms off down throw. He also has a projectile that + frame advantage on shield.  His slow speed and terribly aerial mobility hampers him if he has to play catchup in a match.  Due to his weakness vs speed and Zoning, he loses to characters such as Sheik, Rosa, ZSS, Robin, and honestly has a harder time than others vs anyone with any sort of range or camping ability; think shulk, sonic, Villager, maybe even Samus (Not opening that can of worms from CEO lol). I don't think a character with that many matchup issues deserves top 5. And for goodness sakes, stop agreeing too, and running it back to, Smashville against luigis. You deserve to lose if you do.

8th: Ness- Super solid character. Good Projectile, multiple kill moves, a recovery much safer than it looks, and a good combo game. Although he lacks a kill confirm, he has the strongest kill throw, which is likely even better. His glaring issue is he is the first character on my list with an unwinnable matchup in Rosalina. Ness is near helpless vs Rosa, and almost certainly needs a secondary for the matchup. He suffers some range issues in neutral, but it only looks "bad" compared to some other top tiers.

9th: Mario- Mario, like ness, is very solid. Easy to learn, hard to master. He has extemely potent and safe smash attacks, as well as a top 5 edgeguarding game thanks to his solid aerials, fludd, and cape. He also possess one of the best combo games. His issues are he has no kill confirms and needs to get reads for kills, and he has fairly poor range on many of his moves, meaning he needs to get close or wait for openings. He struggles vs many of the characters above him on my list, most notably Rosalina and Luigi.

10th: Diddy- He may of been nerfed a ton, but Diddy is still top 10 material. He has the best neutral behind Sheik. Bananas are a fantastic option, fair auto cancels, dtilt leads into grab, and in speaking of grabs, he has an amazing command grab, only rivaled by Wario's to be honest. Although he has killing issues compared to his pre-patch self, he still has the majority of his grab combos, and his smashes hit hard. His only weaknesses really are a gimpable recovery, and poor kill options outside of his smash attacks and dair.

11th: Sonic- On wifi, this character is god tier. Nearly impossible to punish spindashes and grabs with input lag. Offline where it counts though, hes not nearly as good, although still a solid character. As ESAM said in his tier list analysis, he can be the master of timeouts if he wants to be. Like diddy, he is still a good character despite several nerfs. Spindash combos can yield good damage, and the fastest ground speed in the game allows for quick punishes on most whiffs. Spring to aerial can yield early kills if the sonic reads the opponent properly. Spring also allows escape from most situations. Sonics weaknesses are lack of fast kill moves, a predictable neutral, and the fact he only has one aerial that autocancels.

Sleepers: (characters that can move up in the future):

Samus- This character actually has an OK neutral game. That along can be enough to make her at least somewhat usable.

Kirby- If people figure out how to fully abuse dair, and find other good ways to pressure opponents to make more dair openings, look out.

Ryu- This character is so under explored it hurts. Ryu could rocket if players fully utilize his potential; he has a sub 100% kill move on the majority of the cast that's near lagless.

G&W- Solid combo game, fantastic juggle game, as well as an excellent anti camping tool and hard to gimp recovery.

Busters: (characters that can move down in the future):

Luigi- Reasons stated above

Rosalina- If people figure out how to kill Luma as efficiently as possible, we could potentially see a fall

Duck Hunt- Hes the worst projectile camper in the game, and no one is really developing his meta anymore. Villager, Pacman, Toon Link and Link do his job but better.

Villager- Speaking of Villager, Reflector/Anti camp characters body this character too hard to keep him out of the elite ranks.