Giant post incoming.
New patch tier list
Basically the general way I tiered characters is on the following categories:
*General versatility (can they handle various match ups)
*Weaknesses
*Both Point and Support value
*Damage (a much more important category in this game)
*Mix ups
*Mobility
S+ Tier (Best character in the game)
Magneto
It should be no surprise that Magneto in this new patch would be the best character in the game. He still remains one of the characters with the fewest weaknesses in the game and he is one of the characters who is able to tackle the most amount of situations. With the other previous top 5 characters seriously nerfed and Magneto getting through without much of a scratch... he is the king of the game. Disruptor is still a great teleport assist but Magneto will be a point man in this game as his support value is a bit lacking but it's all made up by his dominating point game.
S Tier
Dormammu
I would consider Dormammu being buffed by association. With characters like Vergil getting severe nerfs, that just makes Dorm better. More importantly though Dorm is buffed because his support value was increased substantially as he now has a few good assists meaning coupled with his Stalking Flare/Chaotic Flame hyper he is one of the best supports in the game and top 5 in the game for that second spot on the team. He isn't the best in the game because he has more weaknesses than Magneto but he's definitely an extremely strong character based on the changes provided. It's notable to mention that he lost a lot of damage in his combos and he lost his Flame Carpet unblockables.
Sentinel
Supremely buffed and probably the most changed character in the patch. Sentinel has always been one of the best support characters but now his point value matches his support value. This version of Sentinel can even be played on point backed up by AA assists (which there are far more of) or on support backing up other top tiers like Magneto, Iron Man, Dante etc. Sentinel just like Dormammu isn't S+ tier because he still has some weaknesses most notably his huge size which means he will have to take some projectiles to the face and he is still prone to getting instant overheaded by the entire cast. However having the most reliable incoming escape option in the game makes Sentinel a very valuable character now that he isn't going to be "wack bot". And of course chip on normals is pretty big.
Iron Man
This new Iron Man is basically a second Magneto in the game. While his air mobility will be slower he makes it up by having better normals especially on the ground coupled with his new found ground dash he will have a monstrous footsie game beaten only by sword normal characters like Vergil and Taskmaster. Iron Man's main weaknesses is that he is still very vulnerable from underneath and unlike Magneto he can't place Mag Blasts near his landing zones... his Smart Bombs while buffed are still mostly situational tools and can't be relied on for evasion/protection. The Proton Cannon buff confirms IM as one of the best supports in the game and with Magneto/Sentinel being really good in this version that by association makes IM really good.
Storm
She got a lot of buffs to his point game but most importantly she now has at least one good assist which makes her another top 5 2nd slot character in the game. She will not have the high meter gain damage combos of Magneto or Iron Man's huge normals but she will have some tools of her own like a Float which she can now call one assist with (using the air dash up technique she can technically call two assists while at super jump height). With good zoning tools, better combos (faster flight, faster Typhoon, soft knockdown on Lightning Storm) and some fixes she is a very valuable character now.
Dante
Dante got a bunch of buffs despite already being a top 10 character. He was top 2 supports in the game before and he is still now only by association there are far more better supports now so Dante has to actually fight for his spot. The big difference is that his point game got much better, getting a 6 frame normal is pretty huge for him. His main weakness is still that he has a bottom 5 ground throw game and still a mediocre air throw game plus he is weak to rushdown but that's about the only real weaknesses this new Dante has... definite top character in the game.
Zero
It may look like Zero got butchered but upon more investigation all that happened was that he went from an almost broke best character in the game to not broke but still exceptionally good character. Zero still possesses an extremely oppressive neutral game backed up by one of the best projectile, some of the best normals and good mobility options. More importantly his powerful mix ups are still in tact which means he still the best character in the game when taking out characters on incoming. His much lower damage means he won't kill off of every touch but that just means people will be exposed more to his wide array of reset game. Sogenmu is still an extremely powerful utility hyper that can lock people down and pressure them for a long time. Zero like Magneto lacks in support value but he is a point juggernaut and with Dante his weight more on a team now Zero is still a character to be feared.
Trish
Got lots of buffs and she was already an almost complete character. Getting the ability to convert from throws is big for her. She got buffed in her point game mostly in her zoning capability meaning her keep away will be even more annoying for characters who struggle against her. Her support game is mostly the same but more importantly with lower damage her unblockable game will be more attractive especially in a game where most unblockables are removed. Definitely a top character.
A Tier
Strider
Was always a great character and remains a great character. Still top 3 anchor in the game with a great assist. His main weakness is that he is still rigid in terms of where you can put on a team but as a specialist he is fine for that 3rd spot (because he is top 3 in that spot).
Nova
A previous top 10 who retains his spot more or less thanks to getting better support value. Some minor buffs and minor nerfs don't really impact his placing. The reason he isn't higher is simply because the character above him normally either have better mobility or better support but Nova is definitely a very good point character. Another main problem is that he was nerfed by association... with Strange and Spencer losing a bulk of their damage Nova is now not as threatening as he once was on Team Nemo.
Viper
Viper got big nerfs but is still a very good character who crushes rushdown characters. There will be a lot more fliers for her to fight against but there will be more AA assists as well. With Dante and Strider still being strong that puts Viper in a very good position but more importantly Viper can give back to the team with her Optic Blast. She is now in the same category as Magneto in that while she does have at least one good assist, she is still mostly a very strong point character. She is strong point because her EX Seismo is still mostly untouched as is her neutral/rushdown game.
Wolverine
Not much changed for Wolverine aside from getting slightly less damage from his Fatal Claw. He is more nerfed by the system mechanics by stuff like no more jabs chaining on whiff, no more dive kick OS and no more buff stacking with Berserker Charge. Still probably the best pure rushdown character in the game because a 50/50 is still a 50/50. He did get a couple of better assists but he would still be played mostly as a point.
Phoenix
A top 3 anchor just got a whole lot better. It's hard to rank her depending on how TACs work but being able to guarantee Dark Phoenix transformation is a big buff for her. Requiring 5 bars and basically having one of your assists disabled means she is the ultimate "anti support" character in the game... I would place her far left on the tier chart even outside it. A few choice buffs to regular Phoenix means she will be able to get to Dark Phoenix more frequently as well.
Spider Man
At first I was down on the Spider Man changes. He lost some big damage in his Web Throw loops and he lost the ability to block during Web Glide however through some negotiation he got a bunch of very substantial buffs that not only make him more interesting but threatening as well. Air OK Web Throw means he has a very unique AA command grab hyper that can be used in the air meaning he will be able to use it like Thor to do super jump command grab resets where people would least expect it. The Web Glide being able to chain into itself is a huge mobility buff along with Maximum Spider being comboable from meaning he can punish from full screen away for full damage. His support value is still pretty bad as he lacks a safe DHC in and while his assists are buffed they still pale in comparison to what the rest of the characters offer. However as a point character Spider Man is looking pretty good.
Spencer
Spencer got nerfed substantially. Aside from Zero he got hit hardest in terms of damage output. Hell they even nerfed the Bionic Arm! But Spencer still has a very good reset game that is unexplored because he did such big damage. Properly assisted Spencer is a terror and he still has one of the best invincible hypers in the game that leads into a a combo. The Grapple assist is still very unique as with characters who can crumple just got a lot better (like Iron Fist) it will see more use. Nova and Spencer are still good pals despite the nerfs.
Dr Strange
Strange was already an excellent support character but now he has his point game buffed too. He still has a few weaknesses in his point game but as an anti zoner he is among the best. With so many fliers being really good in this patch it would make Dr Strange a very appealing pick. However it is worth noting that Strange got a substantial damage nerf in exchange for his buffs to neutral game. It's a huge blow to Team Nemo but that team is still going to be very good.
MODOK
Another character who was fairly complete and versatile while having decent support value that just got better all around. Got both point and support buffs which means we have yet another flying character to add to the rotation. The buffed assists mechanic is interesting and can lead to some crazy shenanigans. His weaknesses are still fairly prevalent (like can't upback and has a huge hit box) in addition he lost his trademark unblockable like many other characters but it's a small loss for what he is gaining in return.
Morrigan
Morrigan got nerfed despite what the changelog may have you believe. The damage reduction on her Soul Fist is a substantial nerf because it lowers her chip damage meaning you have more chances to hit her but more importantly it nerfs her meter gain while in AV. It also nerfs any combo that uses Soul Fist in it (which is most of her BnBs). Not to mention that Hidden Missiles got a substantial nerf along with removal of TAC infinites/long TAC combos. She did get some interesting tools in return like having an air OK command grab which even though will not lead into much it's still a very good tool for her to have when it comes to making people respect her in the air.
Vergil
Got nerfed substantially all around. He got nerfed in his point value, he got nerfed in his support value (no more Spiral Sword DHC into death combo), got nerfed by system mechanics (can't OS Helm Breaker anymore) and he got nerfed in his anchor capability (lesser XF values, no more multiplicative buff stacking). 2 meter Spiral Sword is a huge nerf and that alone is enough to knock him out of the top 5 slot. That said having a free extra Sword formation is nice and lessens the impact of the SS nerf. He still has DT which is a very underrated and powerful utility hyper plus he still has the best ground footsie game out of all the character. He is also still a top 3 anchor and can shut down other anchors with just two to three bars. Vergil isn't going anywhere and with Magneto on top people will be obligated to return to the Dark Slayer.
B Tier
Firebrand
Losing the unblockable was a huge nerf as it basically made Firebrand a theoretical top tier in the game but he was more than compensated for that loss. Dash cancelable fireballs is pretty huge along with getting better fireballs in general. Lots of very neat buffs like being able to combo after his instant overhead without the need to burn a meter. He still does low damage relative to the cast but with better mix ups and better neutral game he makes up for it like Morrigan and Joe do. His support game is still lacking which is why he is B tier.
Dr Doom
Dr Doom is the new Sentinel. While still a top 3 support in the game.... that's a big drop from before when he was the absolute best support in the game. Both Hidden Missiles and Plasma Beam were nerfed. Missiles is still really good but now people will actually have to play smart with it rather than just throwing it with impunity. His point game is lacking although dash cancelable Hidden Missiles might be very useful in certain match ups (it might be too good although you never know). He is still prone to getting zoned out which means like most characters if you want to make point Doom work you have to pair him up with assists like DiosX does. Doom will still get picked because very few characters have truly 3 great assists to offer and he still gets big damage from random hits/throws.
Super Skrull
Got buffed substantially in both his point and support game. However even with all the buffs he is still a high risk high reward character without a real neutral game. He will make you guess, he will try to armor through your moves but in the end he is no Zero. At least now he is more justifiable as an anchor as even when he isn't the last character he is contributing to the team with now all of his assists being very good especially the ground Tenderizer which is like a Cold Shots but that also OTG. His aerial Tenderizer was removed because it was too niche and only really was used for unblockables (which are removed).
Viewtiful Joe
An already solid character that got some buffs with the biggest one being that he now gets combos from throws thanks to OTG RHK (which would also enhance his general combos). His support value is still a bit lacking as is his damage but his neutral game is very strong still and he is a bane of rushdown and armor characters like Morrigan is. Charged Voomerang as an assist could be really good though so you never know.
Hawkeye
Hawkeye was a good character and as technically an EVO winner but he was never without his faults. He got a lot of interesting buffs but he will still be a zoning specialist who gets mauled by fast characters. With so many aerial characters this benefits Hawkeye a lot which would mean that he would be used for various counter picks.
Taskmaster
Taskmaster is in the same boat as Hawkeye (buffed by association along with some legitimate buffs). With Magneto being the best in the game this makes the Taskmaster pick very appealing on a team. Taskmaster's main weakness is still that he can't get a self combo from a throw which means that people have to play him assisted usually on the second spot where he excels as a very balanced character. His unblockable was removed for an overhead which is a far more versatile tool to have.
Deadpool
Like Taskmaster and Hawkeye buffed by association although him finally having a horizontal assist means he makes it on more teams. Highly underused and underrated this might be the time for Deadpool to shine. Two important buffs to highlight include his LVL3 being made into a LVL1 meaning he has a Wesker/Taskmaster like counter now and his teleport not causing a hard knockdown so he doesn't have to worry about teleport malfunctions leading into a death combo which was a big problem for him.
Amaterasu
An excellent support character remains an excellent character and she got some decent point buffs. Nothing in the changelog suggests that she would be made into a point character as she still does low damage so she will still be used in the 3rd spot where she excels the most.
Felicia
Felicia got a ton of buffs but most of her buffs were making her useless moves into more useful ones. The most notable change is on her Cat and Mouse change which is now special cancelable. This means that she can by pass zoning and punish it better while also having some even crazier solo mix ups that might resemble Berserker Slash (C&M cross up, then special cancel to auto correct back into the player for a cross up into attack). She was also a solid rushdown character while being an excellent anchor with a decent assist but just underutilized due to Wolverine's existence. With her buffs and being made more no par with Wolverine I see her being more valuable but since Wolverine has better normals and easier damage I expect to see him used more still.
Jill
Jill got buffed and got an interesting tool where she forces neutral tech on Fallen Prey. This is a great compensation for her not getting combos from throws. Air OK Arrow kick is a substantial buff as it will allow her to fight fliers more easily. Mad Beast reworked to be a LVL1 is very interesting and might give her the extra juice she needs. The changes establish Jill as the premier mix up/vortex character in the game. Her support value is still extremely lacking but she is still a point character.
X23
Lots of big buffs on her including the ability to combo after throws and getting easy super jump confirm combos like Wolverine. Others are minor changes that make her a more complete rushdown package. Her support value is among the worst in the game but when you have a LVL3 unblockable hyper (one of the few unblockable moves in the game now) that is a very desirable tool to have in the game.