Not a close one for me. Great variations throughout. prophetik laid out a lot of the interpretive aspects of the piece that really shouldn't be undersold; this is a different genre, lots of additive writing including original countermelodies. I'd even argue that the areas referencing the "on Yoshi" drums aspect of the source aren't even copying those patterns, so it's like getting wholly original writing inspired by the Yoshi drums. Gario had a valid point on the repetition of the melody from 1:54-2:39, sure, but it wasn't long overall and that part was really a brand new rhythmic idea after everything prior to it; really, the offending repetition was only from 2:16-2:39; some doubling/chorusing of the lead there and/or varying the beats more from 1:30-on would have been a subtle way to differentiate from the first iteration at 1:54, but it was brief, the repetitive section was already meaningfully interpretive, and it's a nitpick.
Sure, more could be done with this, but nitpicks aplenty aside, when you look at the big picture at how interpretive this is of a 16-bit theme vis-a-vis rhythm, tempo, instrumentation, additive writing, and dynamic shifts, and how full the production sounds, I don't know how this is a close call. If this gets rejected, I'd argue the bar's just too high.
YES