Ranked and Wager Rules both apply.
Everyone starts out with Meta Knight.
Everyone also has 2 lives.
For each kill, you get to move down a tier.
Winning gives you an extra tier down.
You must use Ganondorf to win. That means if you get 3 kills with Link, you don't win, you will be Ganondorf.
Tier List
Meta Knight
Snake
Diddy Kong
Falco
Wario
Marth
Ice Climbers
Olimar
Pikachu
King Dedede
Mr. Game & Watch
Lucario
ZS Samus
Toon Link
Kirby
Fox
R.O.B.
Pit
Peach
DK
Luigi
Wolf
Zelda
Sonic
Ike
Sheik
Ness
Pokemon Trainer
Yoshi
Lucas
Mario
Bowser
Captain Falcon
PS Samus
Jigglypuff
Link
Zelda
Ganondorf