I've used the "bake even strips" from Wilton and they've worked great so far. You can even make your own but just cutting strips of cloth (towels), soaking them in water, wring them out so they're damp, and place around the outside of your cake pans.
The other thing to consider, is the type of pan you're using. Dark metals will produce darker colored cakes, and I've found it helpful to lower the temperature to 325 degrees to prevent the outside overcooking, and the inside from being undercooked.
You can also place a metal flower nail (the ones you use to make roses, etc) in the center of your cake. The metal of the nail heats up the center of your cake while baking, and thus cooks it more evenly at the inside of the cake.
I have yet to bake a 16 inch cake, but will need to in the near future. I think for a large cake like this, I'll be only baking one cake at a time. I have baked a 6", 8", 10" in the center rack of my oven, and a few cupcakes on the next level lower (not the bottom rack though), and it seemed everything turned out great...I just kept a close watch on everything, as they all came out at different times.
Hope this helps!
Try to avoid having items directly over each other. For example put the item on the top rack toward the left back, and on the bottom rack place the item toward the right front. Don't place them both in the center of the rack, which blocks good air circulation.
Having said that, it is best to bake cakes on a single rack. Often you can bake two smaller cakes successfully together. For me, the large cakes are challenging enough to bake evenly without complicating it by using two racks. Therefore I don't even own 2 of the larger pans. If I'm never going to bake two 14" rounds together, there is no point in having 2 14" round pans, is there?
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