it’s rumored to be a mode called “spirit” where you basically fight against your ghost to become better, sort of how time trial ghosts work in mario kart
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I don't think anything other than the title is leaked yet. I highly doubt a mode like that would firstly function or deserve a spot on the main menu. It's probably a new storymode where you collect the lost souls of the roster. the character trailers so far might have slightly alluded at this particularly with luigis ghost scene, also bringing back every previous character might be connected to story mode somehow.