The proposed tier list by Bala and TheAnswer:
A+: EX Kyo, Mr. Karate, Saiki, Robert, Kyo, Iori, Benimaru
A: EX Iori, Clark, Goro, Shen, Yuri, K', Hwa, Kensou
B+: Andy, Ryo
B: Kim, Mai, Duo Lon, Ash, Mature, Billy, Vice, Elisabeth, Raiden, Takuma, Maxima, Chin
B-: Athena, King, Terry, Ralf, Kula, Joe
C: Leona
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I'm not good enough yet to have an informed opinion on these character placements. But I'm glad they sat down and did this.
I don't like that King is down there but I can't disagree with their reasoning. Regardless, she fits my playstyle so I don't see myself ever not using her.