So here’s what i know of. You can check with one of the competent attorney or some forum like murthy forum etc.
Assuming you don’t renew your current passport before your upcoming India travel in Dec 2020, and you travel to India Dec 2020 and then when you come back, let’s say Feb 2021, the officer will give you i94 only upto passport expiry date which is Nov 2021 even though your visa is valid for next 3 years.
I am almost 80% sure that you will have to leave the country sometime prior to Nov 2021 and reenter the country to get the revised I-94, but you may want to double check.
Just a suggestion, if your travel date is end of Dec 2020, you could possibly get your passport in tatkal , since it’s processing time is less than a week, and get away from all of future hassle of leaving US prior to Nov 2021.