The winner of the upcoming U.S. version of Simon Cowell's The X Factor will receive a recording contract from Sony Music that will be worth $5 million, Cowell said today (Monday). It will be the largest prize ever awarded on U.S. television -- or anywhere else. "We are going to put our money where our mouths are with the $5 million recording contract," Cowell said. "I'm doing this show In America because I genuinely believe we can find a superstar." Only a superstar commands such high earnings. Cowell also indicated that, like its British counterpart, the American X Factor will have far more relaxed rules than American Idol . "I've never believed there should be a cut-off age for talent," he said, adding that he likes "the idea that a 12-year-old on this show can compete with an older singer and a singing group."