X Factor Announces $5 Million Grand Prize

On the heels of the debut of X Factor‘s first official promo during last night’s Super Bowl, Fox has announced additional details about the upcoming U.S. version of Simon Cowell’s reality phenom — including a ginormous grand prize.

According to Fox, the show’s winner will walk off with a $5 million record deal — allegedly the largest guaranteed prize in television history — in a joint venture between Sony Music and Cowell.

Fox also confirmed that auditions will begin on March 27 at the L.A. Sports Arena. Tryouts will also be held in Chicago, Dallas, Miami, New York/New Jersey and Seattle. Singers and vocal groups age 12 and over are eligible to participate; there is no upper age limit. X Factor is slated to debut in September.

“I like the idea that a 12-year-old on this show can compete with an older singer and a singing group,” said Cowell in a statement. “I’ve never believed there should be a cut-off age for talent, and we are going to put our money where our mouths are with the $5 million recording contract. I’m doing this show in America because I genuinely believe we can find a superstar.”

There’s still no word on who will join Cowell on the judging panel. Hit the comments with your nominations. And if you missed the X Factor promo last night, you’re in luck: It’s embedded below!