There is no single right answer for modernizing ColdFusion. Here is what the realistic paths actually look like, and what matters most when choosing between them.
ColdFusion's problem is platform decline, not workforce shortage, which changes the calculus: there are still people who can write CFML, the question is whether the platform itself keeps enough momentum to justify staying. Lucee, an open-source CFML engine, is the most common lower-cost path for shops that want to keep the existing codebase but reduce licensing exposure, rather than rewriting in a different language entirely.
Keep the code, modernize around it
Vendors taking this approach for ColdFusion: Lucee, Ortus Solutions, TeraTech.
Keep it running, don't change it yet
Vendors taking this approach for ColdFusion: Convective.