Verizon on Friday announced some pretty significant changes as it relates to both its rate plans and contract pricing.

In a bid to simplify things a bit, Verizon will soon offer what it's calling small, medium, large and x-large base plans. All new plans include unlimited talk and text; where they vary is in how much data is bundled in.

The small plan includes 1GB of monthly data for $30 per month. Bumping up to the $45 medium plan affords 3GB of data while the large and x-large plans include 6GB and 12GB of data for $60 and $80 per month, respectively. Should you happen to go over your data allotment, Verizon will tack on $15 per extra gigabyte.

In addition to the base plan, customers will have to pay a monthly access fee per device: $20 for each smartphone, $10 for each tablet and dongle and $5 per wearable.

The aforementioned plans and fees don't include any incidentals such as monthly financing charges for a smartphone.

Verizon is also doing away with contract pricing. New customers will no longer be able to purchase a smartphone via two-year subsidy. Existing customers can continue to upgrade using the two-year contract approach should they so choose although I suspect Verizon will slowly phase this option out over time.

Verizon is considered the lone holdout in the revolution that has swept through the industry over the past two years courtesy of T-Mobile. While it has made a few concessions, the nation's largest wireless provider has largely stuck to its guns, vowing that it would not be a price leader.

The new plans go into effect starting August 13.