Simon Cowell Offers US X Factor Winner $5 Million Cash Prize

PRESS ASSOCIATION -- The top finisher on the US version of X Factor is set to have a very big win.

Besides a recording contract, the winning singer or singers will receive a $5 million cash prize (£3.1m) and be featured in a Super Bowl commercial for Pepsi, according to X Factor boss Simon Cowell.

Previously, US TV network Fox, which will broadcast the show, had announced the prize was a $5 million record contract.

But Cowell said there will be a cash payment as well as recording expenses provided.

The former American Idol judge, is bringing his hit UK show to Fox this autumn. Unlike Idol, the contest is open to solo singers and groups, and has no upper age limit.

Like American Idol, Cowell will be joined by Paula Abdul as a judge. Others on the panel are Nicole Scherzinger, a former member of the Pussycat Dolls, and record executive Antonio "LA" Reid. T4 presenter Steve Jones is the host.

Scherzinger, who was to share host duties with Jones, replaced Cheryl Cole as a judge when Cowell and other producers had second thoughts about her joining the US series.

The Pepsi commercial deal will give the X Factor winner visibility during the Super Bowl next February on NBC. Known as advertising's biggest showcase, the football championship garnered a record 111 million viewers when it aired on Fox this year, according to Nielsen.