>In other words, if the missle was a heat-seeker, the F16s might simply have deployed chaff.
You drop FLARES to avoid heat-seeking missiles. Chaff is more effective against radar-guided (or metal-seeking) missiles.
>Or they might have intentionally drawn off the missle and taken a hit themselves to protect AF1.
That would be incredibly difficult when dealing with most air-to-air or surface-to-air-missiles. Hollywood makes it look simple.