I guess I’ll be the first to ask. What is the intended use for your carbine? I think they are all great choices and you are getting down to splitting hairs, however your intended use may push you one way or the other.
I have a 6940 & it is a very nice rifle. However, if you plan to make changes to the upper, you’re very limited. You’re stuck with the Monolithic upper without any option to change. Not that there is anything wrong with the 6940’s upper (except may be that the rail is shorter than I like). Also, the rifle uses a different barrel extension & nut, making changing to a new barrel extremely difficult.
A 6920 gives you the flexibility of changing the handguard/rail and barrel to one that matches your needs.
If you don’t plan to change the 6940 & it meets your needs, it is a great rifle.
The drawbacks of the 6940 have already been mentioned. Given the choice of a 6920 or a DDM4V3, I guess you should ask yourself if you want (or need) the 4 railed hand-guard. If so, then go DD. If not, Colt 6920. (While DD used to have a 6920 clone called the DDXV selling for less than $1K, it has been almost impossible to find of late.)
That being said, I have both a 6920 and a DD I assembled from a separately purchased upper and lower. It is equivalent to a DDM4V5 LW. I like both of them, and each has its own role. It’s tough to beat the 6920 as a KISS rifle.
BTW - except for the 16" legal-length barrel and semi-auto FCG, the 6920 is an M4. It even says so right on the receiver.
I’ve added a Colt 14.5" M-4 barrel and a LaRue 7" rail to my 6920. With the shorter barrel and slimmer rail, it is a touch lighter and smaller than my 6940. +1 for the 6920
I think I may be one of the few, but I like the factory installed fold down front sight of the 6940 as it gives an unobstructed view when looking through an optic. +1 for the 6940
The 6940 comes from the factory with a free floated barrel and a short rail (my preference). +1 for the 6940
As others have stated, you can add/change parts on the 6920 to suit your needs. There’s very little you can do with the 6940. +1 for the 6920.
I have a Colt MT6400 which has been converted to a more 6920ish rifle (installed an A2 FH, got a folding stock that works) but NO bayo lug. I also have the DDM4V3 which I have not modified except for some magpul furniture and a RDS. I have found the Colt to be more handy, less bulky (must be the magpul HGs). I find that they both shoot very well with all types of ammo (except Tula). Granted, I do not have a strict 6920 but I think you would be served well by both. I doubt you will be able to find any MT6400s anymore as the sunset of the AWB pretty much put the original features back in style.
That would be an easy choice “FOR ME” - DDM4 V3 or V5 because it is an excellent rifle, felt and looked better when compared to the Colt and most importantly the DDs V3 and V5 are midlength gas system.