American companion upgrades start Thursday, officially retiring 500-mile upgrades
On Tuesday afternoon, American Airlines alerted AAdvantage elite members via email that a companion on the same reservation will start receiving priority-based, waitlisted upgrades on select routes from Thursday, July 14. Previously, these would require 500-mile upgrades — but we now know that these will be discontinued in just two days.

American first announced that it would be phasing out 500-mile upgrades in February though a precise timeline wasn't given.
By the end of the month, AAdvantage members with unused 500-mile upgrades will receive 250 Loyalty Points per upgrade. However, members who purchased these upgrade certificates have already been offered their choice of a refund, travel credit, Loyalty Points or bonus AAdvantage miles in return.
Related: Cash, miles or status: TPG analyzes reader's options for his 500-mile American upgrades
Bottom line

Starting Thursday, all American elite members with a single companion on their record locator will be eligible for space-available upgrades that are processed in order of elite status level. And 500-mile upgrades will be fully phased out by the end of this month.
These upgrades are valid on American marketed and operated domestic flights (including Hawaii) and flights between the U.S. and Bermuda, the Bahamas, Canada, the Caribbean, Central America and Mexico. Platinum Pro and Executive Platinum members will remain eligible for complimentary upgrades on Alaska Airlines.
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