No, $175 MINUS $5 for every month you've had the contract. Does your contract expire in August or are your eligible for an upgrade in August? If it's an upgrade eligibility then your contract expires in December.
Like lewis said, it depends on your phone. You are now about 20 months in (assuming your contract ends in August, not just becomes eligible to upgrade) so for a basic phone, the ETF would be $175-$100 or $75, give or take $5 depending on the exact contract end date and exact termination date. For a smartphone, it would be $350 less $200 or $150, again give or take $10 based on exact dates.