Can Redbook CD Be Saved

This type of thread has been discussed in various OPs elsewhere in one form or another. Some have said that the future belongs to one type of hi rez format or another, or maybe even various types of formats. Well, redbook CD has been around for three decades and many of us "old heads" have made significant investments in our CDPs and redbook CD collections based on 16 bit/44.1 kHz technology.

So I ask those knowledgeable in digital formats whether it is possible that redbook CD technology can be improved to the point that it could be substantially comparable to the various so called "cutting edge" hi rez formats coming down the pike? Maybe the improvements would have to start at the recording studio. Dunno?? But I would appreciate learning whether redbook CD equipment and CDs are headed the way of the 8-track?

Thanks