Player1 is the Char in the Middle in the first row ("P1" could be written next to it on the right)
Player 2 is the Char in the Middle in the Second row ("P2" could be written next to it on the right)
The Player1 Name is listened above in the first row
The Player2 Name is listened above in the second row

So this how it would work...coded
The big portrait of Protoman (it has to include the Char on the left and the char on the right of it which are listened in the select.def in GRAYSCALE!) So if you press to the left Megaman gets highlightened and Protoman is on the right of Megaman in greyscale



So the select.def would look something like this:
Megaman.def
Protoman.def
Cutman.def


This would also be a great way to add secret chars.... you can hide a secret char if you place it benath Megaman for ex.

x = char
- = slot

X   -   X   -   X   -   X   -   X   -   X   -   X
X   X   -   X   -   X   -   X   -   X   -   X

Make 100 columns (means 50 regular chars in the first row) and 2 rows
The second row are SECRET CHARS (you can only go to the secret chars if you press down on Protoman for example...and then left& right...U see that the only way to press down is on the first slot in this example)