while new signups are no longer allowed, existing users will be able to finish out their two-year term. 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.".
I think Ars Technica has it wrong with that wording, the FAQ from Google support linked in that article says:
Can I still upgrade my Pixel device after 24 months?
Yes, you can still upgrade your Pixel device after 24 months, you just won’t be able to renew your subscription to Pixel Pass. You can purchase or finance your next Pixel device directly from Google Store or Google Fi Wireless, and you have the option to trade-in your current Pixel device towards your next device. Current Pixel Pass subscribers received $100 towards their next Pixel purchase good for 2 years, which can also be used alongside available promotions.
So you can upgrade your phone for the current term, but you can't renew your subscription and upgrade again.