The X Factor has found yet another way to trump American Idol. The reality show already has Simon Cowell, and now it’s got the much better deal for would-be singers. The show will reward the winner of its singing competition with a $5 million recording contract through Sony. The staggering amount will be the largest sum ever rewarded through TV.

The US version of The X Factor is scheduled to premiere in September, and Simon Cowell will definitely be on the panel when auditions begin in New York. Unlike Idol, The X Factor accepts group performers and recognizes practically no age limitations.