Why are my brakes still squeezing even when I let off the pedal.?

[THEGUMP]

I have a 1994 Ranger xlt. with the 4.0 engine. I recently changed the master cylinder. It was working great except i have a slight wobble because my rotors are warped. I will be changing these too next week. Now my problem is that after I drive a little bit the brakes start to rub more and more on both sides evenly. I say this because at first I thought i had a faulty caliper. But it is rubbing the same on both sides. It starts to rub more and more until It is actually feeling like I am driving with the brake pedal in slightly and when I get to a stop light Its just a crapload of smoke coming from both front wheels and It smells like brakes real bad. Ive done a little research and Im thinking it might be because of the warped rotors. I jacked it up and spun the wheel after my truck has been sitting for like 3 hours. the pad is slightly rubbing the rotor. I think its causing the brake fluid to heat up and boil. I could feel a crapload of heat coming from both front wheels when I checked it while it was smoking. Im pretty sure its not any caliper problem or the new master cylinder. Any help wouuld be appreciated. thanks