So in this case, the iPhone 4S, bumped aside by the iPhone 5, now sells for $99, while the older iPhone 4 is the new free phone with a two-year contract.
See CNET's full coverage of Apple's iPhone 5 event
The smartphone that entered the market in June 2009 is discontinued in wake of the iPhone 5's debut.

So in this case, the iPhone 4S, bumped aside by the iPhone 5, now sells for $99, while the older iPhone 4 is the new free phone with a two-year contract.
See CNET's full coverage of Apple's iPhone 5 event