It's possible it has changed. At one time, however, the official rule was that President's Club members were entitled to a two-category upgrade, if available, with a rental of an intermediate category or above, to a maximum of premium category.
As I and others have mentioned, some of us have nevertheless been upgraded to luxury as PC members in the past. Just remember it's never a guarantee and YMMV.
I've also read PC members who have gotten the double upgrade when reserving a compact, whereas it used to be stated that the double upgrade applied with an intermediate or higher reservation. Again YMMV.
Susan