X Factor 5 millionWhen America's take on Simon Cowell's 'The X Factor' premieres this fall, it'll have the highest stakes yet of any televised talent competition, TVSquad reports. Cowell announced today that the winner of the inaugural season will win a $5 million record deal with Sony Music.

Contestants must be at least 12 years old to enter, and unlike 'American Idol,' there's no age limit for aspiring singers.

"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."