Complete level 40 in the time attack challenge. Then, hold [R] while choosing Billy at the character selection screen.

Complete level 30 in the time attack challenge. Then, hold [R] while choosing Rugal at the character selection screen.

Complete the single attack challenge.

Hold [R] while choosing Kyo at the character selection screen.

Hold [R] while choosing Chris at the character selection screen.

Complete level 20 in the time attack challenge. Then, hold [R] while choosing Iori at the character selection screen.

Hold [R] while choosing Shermie at the character selection screen.

Hold [R] while choosing Yashiro at the character selection screen.

Complete the team attack challenge.

Hold (Black) at the character selection screen.