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If we simply go by recent history, I would say no and here's why. When the C5 came out, the first horsepower increase to the base model did not happen until the 5th model year (2001) and even then it was only 5hp. With the C6, the first horsepower increase to the base model wasn't until the 4th model year. So chances are pretty good that the 2016 C7 won't see any horsepower increase, but perhaps for 2017?
Also, I think that when it's close to happening, we'll hear some leaked info about it a lot earlier than the annual "bash" and it's getting pretty close to that time now and we've heard no rumors whatsoever.
If we simply go by recent history, I would say no and here's why. When the C5 came out, the first horsepower increase to the base model did not happen until the 5th model year (2001) and even then it was only 5hp. With the C6, the first horsepower increase to the base model wasn't until the 4th model year. So chances are pretty good that the 2016 C7 won't see any horsepower increase, but perhaps for 2017?
Also, I think that when it's close to happening, we'll hear some leaked info about it a lot earlier than the annual "bash" and it's getting pretty close to that time now and we've heard no rumors whatsoever.
Usually any larger changes have started to leak from the Detroit show by now.
I think the LT1 is loafing and there is more to be had, but I don't think we will see the HP bump in 2016 either. If sales remain strong and GM doesn't feel the need to bump the numbers to respond to the competition, I think it may come a bit later.