As a Trophy, yes, but he is there.
The full story:
Super Smash Bros. is set to feature a trophy of Rayman, creator Masahiro Sakurai has revealed.
"In order to make Rayman's trophy, we asked Ubisoft to share their references," he wrote. "We were expecting to receive 2D drawing references for Rayman, but to our surprise, they sent us data of a brand new 3D model that they rendered for this game!! And that was how this trophy was created. It takes a lot of work creating each model, so it's wonderful that the creators contributed their own efforts!!"
While it's awesome news that third-party trophies seem to be included in the game, the decision to announce the trophy today has immediately caused speculation that Rayman could be a playable fighter in the upcoming brawl 'em up. With the 33rd playable fighter set for reveal later today, hopefully it won't be too long before we find out.
This probably makes Smash 4 one of the greatest museums to, and celebrations of, gaming's icons. With Mario, Sonic, Pac-Man, Mega-Man, and now Rayman all in the same game, Smash Bros. 4's representation of gaming through the ages looks amazing.