The X Factor Offers $5 Million Grand Prize To Winner

We got the first peek at The X Factor last night during the Super Bowl, and now Fox has announced that the show will be awarding the winner a $5 million record deal with creator Simon Cowell’s joint venture with Sony Music.

“I like the idea that a 12-year-old on this show can compete with an older singer and a singing group,” Cowell said 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.”

This is the largest guaranteed prize in television history, so it looks like American Idol is going to have some stiff competition! In case you missed it, click after the jump to see the teaser for The X Factor...