That's where the iPhone 14 Max comes in. The "upgrade" will be the max size. It will also be the hero model.If the iPhone 14 really does not have the updated design AND does not have the A16 chip AND does not have the updated rear cameras...I can't imagine how they will actually spin this as a new phone. If anything they should lower the price on it by $100. But you know Apple won't do that.
Personally I still think all models will get the A16. The non Pro model might get the lesser (binned down) chips, but they will still be variations of the A16.
As for lowering price, well, this is Tim's Apple. It's all about raising the ASP. I would expect the Pro models to get a price increase this year.