If they are making a GSM only device, then yes it will be incompatible with the CDMA network used currently for the voice and 3G EDVO data on the Verizon Wireless network. The phone might not also support the LTE frequencies used by Verizon Wireless.
I'm most definitely NOT a VZW employee. If a post answered your question, please mark it as the answer.
Man that sucks, I was hoping that it was more bureaucracy than a physical incompatibility I couldn't use the OnePlus One with Verizon but if thats so then I'm gonna have to leave Verizon cuz the OnePlus One is too good to pass up!