This is the newest off-line tier list, according to REO, Tom Brady, and m2dave. Slight input was also provided by Perfect Legend. The characters are listed alphabetically within each tier. The letters used in the tier list represent the following match up wise.
S = 0-2 bad match ups
A+ = 3-4 bad match ups
A = 5-6 bad match ups
B = 7-8 bad match ups
C = 9-10 bad match ups
D = 11+ bad match ups
S Cyrax, Kabal, Kitana, Mileena, Raiden
A+ Freddy Krueger, Jax, Kung Lao, Rain, Reptile, Smoke, Sektor, Sonya, Sub Zero
A Cyber Sub Zero, Johnny Cage, Kano, Kenshi, Liu Kang, Quan Chi, Scorpion, Shang Tsung
B Baraka, Ermac, Noob, Sheeva
C Nightwolf, Sindel, Skarlet, Stryker
D Jade
Please comment and discuss. The tier list is based on off-line gameplay ONLY.
10/30/11 - corrected minor mistakes (thanks Subzerosmokerai)
11/02/11 - Smoke moved down from S to A+ ; Cage moved down from A+ to A