The two "Pro" devices in 6.1 and 6.7-inch sizes will be higher-end, more expensive devices, while the 5.4-inch iPhone and other 6.1-inch iPhone will be more affordable similar to the iPhone 11.
All of the 2020 iPhones are expected to feature a new design that more closely resembles the iPhone 4 or the iPad Pro with a square-edged frame and a front and back glass body, which can be seen in the dummy models.
iPhone 12 dummy on right, 2020 iPhone SE on left.
The 5.4-inch iPhone will be the smallest iPhone that Apple has released since the original iPhone SE.
It's bigger than the original iPhone SE, but with its all-display design, it's smaller than the 4.7-inch 2020 iPhone SE and of course much smaller than the 5.8-inch iPhone 11 Pro.
Original iPhone SE on left, iPhone 12 dummy in middle, 2020 iPhone SE on right.
For more on what to expect in the 2020 iPhone lineup, including more detailed rumors on colors, camera setups, features, and accessories, make sure to check out our iPhone 12 roundup
iPhone 12 dummy on left, 2020 iPhone SE on right