If there are indeed two versions of the phone (4.7 and 5.5), then, I think it will be something like this with a 2-year contract (assuming Apple sticks with 16/32/64 configurations):
iPhone 4.7 16GB: $199
iPhone 4.7 32GB: $299
iPhone 4.7 64GB: $399
iPhone 5.5 16GB: $299
iPhone 5.5 32GB: $399
iPhone 5.5 64GB: $499