You have to earn over 110,000 southwest points within a calendar year. We applied for both Southwest Premier personal card and Southwest Business card. That got us 100,000 points. Then we spent another $10,000 (1 point per $1 spent)- I think we had a hefty tuition bill to pay off which worked out perfectly. Of course, you can take as many months as you need to earn the 10,000 points.
There are also other ways to earn the 10K points. Google some blogs to read up on it.
You get the companion pass for the rest of that calendar year and for the entire following year. We applied in the fall and qualified within a month or so. Used the companion pass on a trip to Vegas in November. What I like about the companion pass is that you can use it on flights redeemed with points. So we haven't spent a penny on flights.
110,000 Southwest points + companion pass for the price of 2 annual fees (Under $200). This works out to over $2000 in value.