Earlier this week we caught wind of Sprint's upcoming plans to jump on the accelerated upgrade bandwagon already occupied by T-Mobile, AT&T, and Verizon; and now it's been made official. The rules surrounding the Sprint One Up program aren't that different from what's being offered elsewhere, but it does come at the lowest cost. If you're fine with committing yourself to the Sprint network and want to make the leap to a new phone each year, you can soon do so for $65 a month.

If you haven't kept up with these new annual upgrade plans - and I wouldn't blame you if you hadn't, considering these plans are more about locking you in than saving you money - here's how it works. Customers don't have to pay any money down (for a limited time) and can instead spread out the cost of the phone over a 24-month period. After a year of faithful payments, a customer becomes eligible to trade in his or phone (in good condition) for a new model. Doing so restarts the 24-month interest-free payment plan anew.

What's unique about Sprint's plan, though, is the $15 discount of offers on the Unlimited Everything plan. If you're perfectly fine with the company's relatively slow network, going with the Sprint One Up plan actually can save you money. It doesn't beat buying a phone outright and living contract-free, but unfortunately that's not really the American way.

In honor of the launch, Sprint is extending this offer out to current customers who aren't yet eligible for an upgrade but have already had their phone (again, in good condition) for twelve months. The One Up plan will become available on September 20.