Dr. Kawashima's floating head from Brain Age is revealed to be the head to which Master Hand and Crazy Hand of the Super Smash Bros games belong to (as inspired from
this). He summons eight old-school video game characters that didn't make it into Super Smash Bros. Brawl and makes them participate in a Grudge Tournament, with the winner to be included in the next Smash Bros. game as a playable character. The storyboard has no pass or fail scenes, it's just a "music video" of the fights.
The tournament seeds are:
1. Mega Man
2. Richter Belmont
3. Ryu from Ninja Gaiden
4. Crono from Chrono Trigger
5. The Prince of Persia
6. Ryu from Street Fighter
7. Earthworm Jim
8. Player 1 from Contra
The song intro has all the characters enter the screen, while a backdrop from one of their games scrolls behind them. An info window also displays their name and abilities.
Once the main theme kicks in, we start with the quarterfinals.
1st match: The Prince of Persia vs Crono. They clash swords for a moment, then Crono retreats and, knowing magic, defeats the Prince with Lightning from afar.
2nd match: Mega Man vs Player 1. This is sort of a joke, since the Contra dude can only take one hit. Mega Man dodges for a while before hitting him once and he's gone. Should've used Konami Code.
3rd match: Earthworm Jim vs Richter Belmont. Both have whips, but the problem for Jim is that his whip is his own body. Richter's whip catches Jim and slams him to the floor (no idea how that would be animated, though).
4th match: Ryu vs Ryu. Ninja Ryu asks Street Fighter Ryu to stop the match, since not only are they both heroes, but they also share the same name. SF!Ryu agrees, but it's all a trap set by Ninja!Ryu. Having dropped his guard, SF!Ryu is stabbed through the abdomen. Guess they have at least one difference; Ninja Ryu is more cunning.
By this point, we're about halfway and we move to the semifinals, which take more time to show.
5th match: Ninja Ryu vs Richter Belmont. It's a tough fight the details of which I haven't completely thought out, but Richter prevails.
6th match: Crono vs Mega Man. Again, this is somehow a drawn out match, with Mega Man coming on top.
Finals: Richter Belmont vs Mega Man. Those two have plenty of powers, so their battle can be pretty varied. At some point, Mega Man uses his "enter-a-stage" teleporter thingy to move around the battlefield. Mega Man ends up the victor. When the music changes near the end, there's a sequence of closeups between the two combatants as the exhauster Richter waits for Mega Man to deliver the coup de grace.
With the sprite art readily available, image collection would probably be easy, but I didn't do it since awp was making a storyboard. Ah, why did you lose motivation, dude