@Wiimeiser
We’ll have to wait and see, though I looked up the Smash Wiki to see how the previous games handled Paper Mario representation…
-Melee had a single Paper Mario trophy, and the appearance and description are based on the first Paper Mario game on N64.
-Brawl had several trophies for the paper versions of Mario, Luigi, Peach, and Bowser, as well as “Wedding Bowser” and “Wedding Peach”. All of them are based on Super Paper Mario.
-Smash 4-3DS had several trophies of the same characters, as well as Kersti, Paper Wiggler, Paper Gooper Blooper, and Paper Bowser’s second form. All of them are based on Sticker Star. The game also had a Paper Mario stage with references to the first game, The Thousand-Year Door, and Sticker Star, and said stage will be returning in Ultimate.
The Paper Mario stages gives me hope they’ll acknowledge the first three games, though the Smash games generally seem to just reference the latest game, which means there’ll definitely be references to Color Splash.