Alone, Wonder Red would be boring, pointless, and a poor representation of his game. The Wonderful Ones together as a group is really the only way to actually do it properly, and I don't see that as technically feasible in Smash Bros.
And even beyond that, The Wonderful 101 is pretty far down the hierarchy in terms of unrepresented franchises that could potentially get a character. Like, below Chibi Robo low. Too recent to have had any weight in Nintendo's history and a commercial flop that hardly anyone played; I have a hard time seeing Nintendo ever even bothering to revisit the IP in the future. The exposure for the character doesn't make much sense for Smash Bros. either--by the time SSB4 comes out, TW101 will be very old news.
In short, The Wonderful 101 will be lucky to get an Assist Trophy or a song.
EDIT: I say this as someone who's bought and loved TW101 by the way.