Would be an even worse castration than they give our 110's & the 103's out the door.
HD has another motor in the works, indubitably. As to what it is, that's anybody's guess. But it's a good bet they have one in the wings.
That stands to reason. They haven't wasted any effort on the existing powertrain, probably because the effort is going into something new.
Emissions compliance is killing everyone. The manufacturers can't just keep making their air cooled engines bigger and bigger to combat the lack of power in federally compliant tune. HD motors are all 103" and making the same horsepower the TC-88 made back in 2000. Victory is up to 106" and they make about the same horsepower the old 92" motor made. Yamaha's 113" is down in the 80s on horsepower too. Lucky for us, there is little enforcement after the sale so we can work around it as owners. How many of us maintain emissions compliance, keep the catalytic converters, etc? The 120R is 'race only' and people are steady stuffing those into baggers. Everything we buy is 'off-road use only' and we sure as hell use it on the roads without any consequences.
I'm thinking liquid cooling is inevitable across the board, though. Only a matter of time. Sad to say, but compliance enforcement is probably coming too.