Hell yeah dude, I've been hoping the Pink Knight was gonna come to the game. Pink Knight is from the flash game called Castle Crashing the Beard.
Tom Fulp from Newgrounds swore he wasn't going to shave his beard till Castle Crashers was done and he made it as a parody homage to that fact.
In the flash, when you leveled up you changed color and magic: from Blue -> Green -> Red -> Orange -> Pink (who had strongest magic and most physical damage).
Their first DLC pack had the gold sword and the lolipop, but the knight character was a generic gray knight with his face shield up.
And he still has rainbow magic, pimp.
D-Day