They study BMW and Apple in business school because they are manufacturers who don’t sell the most of products, but, they make more off each sale than any of their competitors. Apple will not be able to make as much off a Verizon IPhone as they do now, so it will never happen.
Verizon likes to tinker with the build of software on the phones they sell. For Android phones this doesn’t matter much as you can easily ignore the crap they put on and customize that experience away. However, for Apple is a deal breaker. It will never happen because Apple wants its experience on a phone and won’t tolerate what Verizon wants to “value-add.”
Verizon already has phones with better features and a better OS than IPhone. Strangely, Android has surpassed IPhone as the feature elite phone stack. Frankly it will never happen because whatever deal Apple will want to make for Verizon to get the IPhone won’t be worth it to a company that already sells 3-4 of the best mobile devices out there (Droid2, DroidX, Incredible, etc).
This story has been reported so many times that it is getting close to become a legend like Duke Nukem Forever or Microsoft giving away computers for customer service reviews. Legends are rarely based on fact so thats reason enough it will never happen.