My friends who are of the LDS faith explained it to me like this–faithful married couples in the Mormon church have the abilities to becomes gods after death. To them, this is different than becoming God himself.
In the LDS faith they believe long ago their Heavenly Father married another god, known as the Heavenly Mother, and these two gave birth to many spirits who lived in peace and harmony on a spirit world. Eventually all of these spirits were put into human bodies and put on earth because before Heavenly Father could become God he had to endure mortal trials on a physical world as well.
For those living now of days, post death, at the end of time, these faithful married couples get to become gods of their own. Heavenly Father is still their ultimate father they love and worship as God, but after enduring trials they earn the ability to becomes gods as God is a god. Within the couple unit in the celestial kingdom, the husband, who is a god at this point, has the job of creating worlds. The wife, who is a god as well, has a different type of job. Her job is to have spirit children to people the worlds created by her husband.
So in conclusion–yes each person becomes a god, but each person has a different role, and they don’t replace God.
That is what my LDS friends have told me. I have in fact heard this spiel many times because we used to have faith talks a lot–I hope that clarifies your question!