Four SPT-140 Hall thrusters are the main components of the electric propulsion system for the Psyche mission. We employ the 2-D (r-z) code Hall2De to conduct numerical simulations of the SPT-140 with the goal of estimating erosion of the acceleration channel rings for the Psyche mission profile. The simulations are informed by direct measurements of the plasma conditions in the acceleration channel that were obtained using laser-induced fluorescence. We validate our simulation results with additional plasma measurements, wear test erosion rates, and performance data as a function of background pressure. We then make use of a series of numerical simulations to compute the progressive erosion of the channel walls, using as input parameters a profile for the Psyche mission that includes operation at 4.5, 2.5 and 1.0 kW with duration of all segments increased by a 50% margin. We find that the channel walls are not completely eroded at the end of the mission (plus 50% margin). We also observe a progressive decrease in thrust as the channel walls erode that is consistent with the wear test and flight data, with a rate of ~4.5 mN/kh for the first 2,500 h and constant thrust after that. The reasons for these thrust trends are explained.