Go to the arcade mode and have player one highlight Ryu and player two highlight Ken. Both players should then hold the L and R Shoulder Buttons and press Up, Up. Then release the shoulder buttons and press Up, Up again. Player one should then press X and player two should press Z. These commands do not need to be entered by the two players simultaneously for it to work. If Ken and Ryu defeat Bison, a Team Mode option is automatically added to the choices at the Main Menu.
Go to the character select menu and highlight the random character box (marked by a "?"). Hold down the L and R buttons and press Left, Left, Left, Down, Down, Down, A+B to select Akuma in his normal colors. Press X+Y instead of A+B to play Akuma in his secondary colors.
Go to the character select menu and highlight the random character box. Hold down the Left and Right Shoulder Buttons and press Left, Left, Down, Down, Left, Down, Down, A+B. For Bison's secondary colors, replace A+B with X+Y.
Go to the character select menu and highlight the random character box. Hold down the Left and Right Shoulder Buttons and press Y, X, A, B, Y. For Dan's secondary colors, do the same except press Y, B, A, X, Y while holding down the shoulder buttons.