The best replacement for m416 is m4.

The best alternatives to m416 are rated as following:
★★★★★  m4
★★★  sar 21
★★★  m16a3
★★★  ace 23
★★  m16a4
★★  m16a4 bf4
★★  ak5c
★  aug a3 bf4
★  xm8
★  scar h
★  aug
★  aek 971
★  ak 12
★  m4a1
★  l85a2
  m101
  g36e
  m100
  aek-971
  m16a3 bf3
  m4a1 combat arms
  f2000 bf3
  ace 23 bf4
  aek

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m416
m4
sar 21