F-16s are good enough to eat through the Mig29s/M2Ks,Jaguars and Even SU30MKIs.
J-10CE and JF-17 BLK III will focus on Rafales and MKIs to take them out in long ranges, while F-16s flying CAP can provide the back up numbers to take out remaining jets and any large UAVs. Remember F-16s can carry serious AA to load out.......2x AMRAAMs to take out Mig29/M2Ks/Jaguars and 2xSidewinders to take out UAVs in a single sortie.
You simply don't give up that sort of capability just because the platform is old.