Question about contract renewal

Please bear with me if this is a stupid question because I've never had a cell phone contract before this one - always used prepaid.
My two year contract ends in October, with an upgrade date in June. I have an iPhone 4S and plan on keeping it and not getting a new phone (hope it lasts a while!). Do I have to sign another contract in October? What will happen if I don't? Will Verizon raise the price on my bill?
Sorry if this is basic knowledge but like I said, this is my first cell phone contract. Any info or suggestions would be greatly appreciated.
Thanks

It stays the same price. The only things that have changed for me in the last year out of contract is the government fees and any feature changes I made.

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