The end of the term was supposed to mean re-upping with a shiny new device, but Google now says, "By the end of the 2 year term, you can’t upgrade to a new phone with Pixel Pass."
Which means that everyone who went 22 months expecting to get a new phone in another 2 effectively got kinda screwed.
They would have to sign another contract for another 24 months to get it, nobody was getting an upgrade on the existing contract because it's just a bundle of Google services (One, YT Premium etc.) and financing on the phone. And if you don't care about the services, Google's two year financing is cheaper than this bundle.
It's confusing because they make it sound like a privilege. "Eligible for a new phone" = "You can finance the purchase of a new phone at full price just like everyone else, and you have to give back the old phone you already paid for".