More often than not by a large margin when a fighting game character is elderly they're also the type to have spent their long years mastering their craft to such a degree that despite the prime of their lives being well behind them they are none the less able to keep up with younger and stronger opponents and teach them a thing or two. Many of them have passed their knowledge on to disciples that will bear their master's legacy onward. Often more cerebral to effectively play as well, old master are a mainstay archetype in the genre and deciding who best represents them was a bit of a task, many characters bear some traits that would make it seem they belong here, but don't quite fit the mold, usually not yet showing their age in the way their fight or behave like Heihachi or even Jinpachi from Tekken or Takuma Sakazaki from Art of Fighting. One can argue for Gouken also falling into this group, but it just didn't feel right to not include the master of quite possibly the most genre-defining pair of color-swaps. lol Also Bosconovitch is definitely more of the old than the master, but technically he taught the Jacks all they know, so that's a sort of mastery and his extra tricky style speaks in his favor as well. It's by no means a comprehensive list, so who else do you think belongs on here?
The featured characters are, from left to right and up to down, Otane Goketsuji from the Power Instinct series, Gouken from Street Fighter, Jubei Yamada from Fatal Fury, Oume Goketsuji from Power Instinct, Tung Fu Rue from Fatal Fury, Valkenhayn R. Hellsing from Blazblue, Genbu no Okina from Last Blade, Shun Di from Virtua Fighter, Chin Gentsai from King of Fighters, Fo Fai from Battle Arena Toshinden, Gen from Street Fighter, Liu Yunfei from Samurai Shodown/Spirits, Chung Paifu from Savage Reign & Kizuna Encounter, Nicotine Caffeine from Samurai Shodown/Spirits, Doctor Geppetto Bosconovitch from Tekken, Wang Jinrei from Tekken, Kliff Undersn from Guilty Gear, Gen Fu from Dead or Alive, Edge Master from Soul Calibur, Boyd from Rumble Fish, Ganesha the Elephant from Bloody Roar, Lee Pai Long from Art of Fighting, Kanji Kokuin from Power Instinct, Touji Sakata from Fatal Fury(Wild Ambition), Drunken Master from Martial Masters, Oro from Street Fighter, Fei Pusu from Tobal and Song Xuandao from Buriki One.