F21 has no development path forward. It's already overweight and no new engine will be developed for it. It's a dead end .
First off, the F-16 Block 70/F-21 is not overweight, not by any means. It is still an out and out 9G fighter, which would not be possible if it's structures were not able to withstand 9G loads.
As long as there is money to be made by LM through upgrades, there will be a development path available to the F-16 Block 70/F-21. That too for a fighter with ~9000 hours of service life that will be entering service in several air forces in the 2020s, there has to be a way to keep it relevant, with technology insertions.
Radar upgrades, RWR, MAWS, IRST, EW suite, Mission computer, avionics upgrades are all possible with software upgrades and that can be done without any major structural changes and definitely without any major weight gain.
GE can, if required, develop higher thrust variants of the F110-GE-129D or PW can develop higher thrust variants of the F100-PW-229EEP if needed. Ideally the USAF would be the customer that would bankroll such developments, but if need be it can be done by other customers that are willing to fund it.
IMO, the F-21 is a superb 4th gen fighter, one of the best single engine ones there is. If the PAF were getting it's hands on F-16 Block 70 upgrades or new build F-16 V's I'd be a lot more worried than I am with them getting J-10Cs.
It's another matter that the IAF has always considered the F-16 from an adversary POV which has meant a certain bias against it.