The page at http://www.gamefaqs.com says:Round 1:
Mario vs. Bowser
Ike vs. Black Knight
Kirby vs. Meta Knight
Sonic vs. Dr. Robotnik
X vs. Zero
Bartz vs. Gilgamesh
Ezio vs. Rodrigo
Sub-Zero vs. Scorpion
Pokemon Trainer Red vs. Blue
Luigi vs. Waluigi
Ryu vs. Ken
Fox McCloud vs. Wolf O'Donnell
Samus vs. Ridley
Terra vs. Kefka
Chris Redfield vs. Wesker
Tidus vs. Jecht
Link vs. Ganondorf
Amaterasu vs. Orochi
Zidane vs. Kuja
Mega Man vs. Dr. Wily
Gordon Freeman vs. Dr. Breen
Alucard vs. Dracula
Chell vs. GlaDOS
Frog vs. Magus
Cloud vs. Sephiroth
Kratos vs. Zeus
Pac-Man vs. Blinky
Solid Snake vs. Liquid Snake
Squall vs. Seifer
Ramza vs. Delita
Dante vs. Vergil
Sora vs. Riku
Round 2:
Mario vs. Bowser
Sonic vs. Dr. Robotnik
X vs. Zero
Sub-Zero vs. Scorpion
Pokemon Trainer Red vs. Blue
Ryu vs. Ken
Samus vs. Ridley
Tidus vs. Jecht
Link vs. Ganondorf
Mega Man vs. Dr. Wily
Alucard vs. Dracula
Frog vs. Magus
Cloud vs. Sephiroth
Solid Snake vs. Liquid Snake
Squall vs. Seifer
Sora vs. Riku
Round 3:
Mario vs. Bowser
X vs. Zero
Pokemon Trainer Red vs. Blue
Samus vs. Ridley
Link vs. Ganondorf
Alucard vs. Dracula
Cloud vs. Sephiroth
Squall vs. Seifer
Round 4:
Mario vs. Bowser
Pokemon Trainer Red vs. Blue
Link vs. Ganondorf
Cloud vs. Sephiroth
Round 5:
Pokemon Trainer Red vs. Blue
Link vs. Ganondorf
FINALS:
Pokemon Trainer Red vs. Blue
Tiebreaker: 110500