1. The characters.
* Maybe it would make sense to look at one character at a time?
* By characters I also mean attacks. (I think for example jump, kick, punch, combos and all that is part of the character design process?)
Characters without animations could be estimated,a single 3d character made by a freelance will cost roughly $4000 - $6000, roughly 20 business days (infos) . Animations (attacks, jump etc) depends a lot the dynamic and game mechnism, input controller, used engine technology etc . A cool looking animationset which is controlable by the player could occupy an animator/coder fulltime for the main-character. This would be roughly $150.000 to 500.000 for a AAA title with 1 to 4 years development time.
2. The levels
* Maybe it would make sense to look at one level at a time?
Typically you need 3 roles to create a level. The game designer, who defines the game mechanism, the overall game goal etc. The level designer, who creates the level flow and artists who creates the environment art/enemy art etc. Roughly 4 people (counting two artists, because the artists workload is often higher, not counting testers), which would be (as employee, ~70k income per year, real costs will be higher) roughly ~20.000 per month. Now it depends on the level complexitity how fast this team can produce levels (1 or 2 per month? just arenas ? you need some iterations and a lot of prototyping to create a working level ).
Hmmm, there for sure is no money for a motion capture..
There are some cheap solutions using simple camera, blender and a nerd to plug this together. This should not a budget-showstopper. Hiring an actor to do your motion captures could be a lot cheaper than letting your animator do it all manually, especially if it should look cool.
I've read a lot of postmortems over the years and the overall budget could be subdivided into this (really rough markers):
10.000 => buy some stocks from game development studios or invest in crowdfunding, but this budget is by far too low to create a game if you are not contributing some major skills yourself (coder/artist not game idea guy or game designer)
100.000 => well, this is okay for a smartphone/tablet game
1.000.000 => a small indie game for the PC done by a small team/studio
10.000.000 => a larger indie game, you can start to look for a console support
100.000.000 => yeahh... here starts the real AAA titles, congratulation
1.000.000.000 => comes next