'X Factor': $5 Million Prize for Winner!

More details are emerging about the new American version of The X Factor!

Last night, Simon Cowell appeared in a Super Bowl ad for the show, which is slated to debut this fall. Nationwide auditions begin in late March!

It was also announced today that the winner will take home a recording contract worth $5 million.

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

Anyone 12 and older can audition, and both solo artists and groups are eligible. Learn more about how to audition over at Fox.com!

ARE YOU EXCITED about The X Factor’s American debut?