And I can see that happening. Richard is a good character and obviously a loving father. Superman was raised by human parents, and superboy might too. Having Superman die (heoroically of course) will end the love triangle and give superboy the chance to grow up and take on his assumed role.
This, is just idle speculation on my part, but I can see the story going in this direction if need be. It would be gut wrenching to watch though. But we need good gut wrenching movies now and again.