Simon CowellAfter yesterday's $5 million announcement, Simon Cowell took to the phone to talk to reporters about 'The X Factor.' Anticipation is high for the fall premiere of the American incarnation of a show that rivals the Parliament as a British national institution.

Asked about the unprecedented prize the winner will take away, along with a recording contract with Sony, Cowell admitted to being just a little bit nervous about the seven-figure stakes but believes he can find a deserving star. "The money rightly puts an enormous amount of pressure on people," said the reality TV mogul.

The winner will receive a $1 million check once a year for five years, from which recording and marketing expenses will not be deducted. "This is not a dressed-up $5 million," said Cowell in the media conference call.