Can I buy the T-Mobile iPhone 5 for $99 if I'm not eligible for an upgrade?

I just want to know. Does my contract renew itself for another two years if I buy it at that price?

Yes you can get another phone like the iphone 5. However you would have 2 years to pay off the phone. How it works is you put down $100.00 dollars and then each month you pay a extra $20.00 on your contract plan (so add a extra $20.00) to pay off the phone for 2 years. After your contract is over, you can cancel your services with T-Mobile if you wish but you would still pay $20 each month until you pay off the phone.

So no your contract does not renew itself after it is over. You just have a 2 year phone contract (2 years to pay off the phone).