Good luck with that. You can pay off your phones for an early upgrade, but you can only upgrade one phone. The "free" phone must complete its contract 24-30 month installments. Even though you paid the phones off, they will bill you the installment amount each month, reimburse you that amount the next month and so on till the end of your contract.
Made the same switch today. Added DirecTV and actually saves cash over Verizon.