There's still a chance for a so-called Galaxy Note 20 Ultra to exist

The Bluetooth regulatory body is referring to the SM-N986U as the Galaxy Note 20 Ultra instead of the Galaxy Note 20+, throwing a spanner in the works of many leakers who have been vocal on the matter so far. Now, it's important to keep in mind that an entry in the Bluetooth SIG database under the name of Galaxy Note 20 Ultra doesn't necessarily guarantee anything. We should remind you that the same regulatory agency had referred to the Galaxy S20 series by the tentative Galaxy S11 moniker. Evidently, the latest Samsung flagship ended up being launched under the Galaxy S20 name, so the Galaxy Note 20/Note 20 Ultra could be subjected to a similar story involving Bluetooth SIG's unpredictable naming convention.

Galaxy Note 20 Ultra would make sense from a purely marketing POV

If anything, the recent entry in the Bluetooth SIG database should be a reminder that many unconfirmed details surrounding a yet-to-be-announced product are subject to change. Perhaps Samsung had no plans for one of its Galaxy Note 20 models to bear the Ultra nametag to begin with, but the company may have changed its mind in the meantime. Or it might be the other way around and the company replaced the Ultra name with the Plus somewhere during development.

Either way, there no evidence of a third Galaxy Note 20 model being in the work, and assuming that the Galaxy Note 20 Ultra moniker will stick, this would likely mean that Samsung's lineup will consist of a base model and the Ultra itself, with no Plus variant in between. In this case, the adoption of the Ultra moniker would largely boil down to a marketing decision, and perhaps Samsung will (attempt to) justify it with the inclusion of a 50x zoom periscope-type lens.