We examine the prospects for utilizing the optical bichromatic force (BCF) to greatly enhance laser deceleration and cooling for near-cycling transitions in small molecules. We discuss the expected behavior of the BCF in near-cycling transitions with internal degeneracies, then consider the specific example of decelerating a beam of calcium monofluoride molecules. We have selected CaF as a prototype molecule both because it has an easily-accessible near-cycling transition, and because it is well-suited to studies of ultracold molecular physics and chemistry. We also report experimental verification of one of the key requirements, the production of large bichromatic forces in a multi-level system, by performing tests in an atomic beam of metastable helium.