The current (fifth-generation) ZL1 is a very good car, and it’s better than the Hellcat, despite having less power. The verdict is still out on the upcoming Mustang GT350/GT500… but chances are that the ZL1 will be just as good, despite being older.
Outside of that, there is no way that the ZL1 will reach the market as a 2016 MY vehicle. The “regular” sixth-gen 2016 Camaros (Turbo 4, V6, V8) will come first, then the uber-high-performance variants (ZL1, Z/28) will follow. Just how Ford is doing with the GT350/GT500 and what Dodge did with the Challenger Hellcat (which is way too late to the party and brings little else besides crazy stupid power that’s not very usable).
So, I predict that Chevy will actually not lose market share even with the competition having a newer (but not necessarily better) product. Remember, there’s always these things called incentives that can make an older product more attractive.