We switched carriers, so I'm not exactly sure how much we'll end up spending on the new phones in the end. I know what Verizon gave us, though.
Daughter wanted a new iPhone 6s. We got a $200 bill credit for her 5s. We did this before the 7 came out, so I am pretty sure we overpaid for this, but not by a dramatic amount.
Wife and I got new iPhone 7+ with 256GB storage (only one we didn't have to wait longer for). We traded in 1 of our 6+ 64GB iPhones.
Verizon is giving us a $54 bill credit for 24 months. We sold a 6+ to a relative for $200.
So we're getting $1296 in credits. I'm guessing that will be off the $1938 list price of the 2 iPhone 7+ handsets. So $642 for 2 new phones or $26/month for 2 years with the ability to upgrade if the 8 is really "revolutionary." Add the $200 to this and we're paying about $542 for 2 new phones.
I find all of the incentives and credits amusing, considering that the vendors were no longer going to subsidize phone purchases. That didn't last long.