‘X Factor': Competitors 12 and Up to Compete for $5M Contract

Simon Cowell's ‘X Factor’ announces details of how it will work

Simon Cowell's "X Factor" will award the show’s winner a $5 million record deal and welcome competitors 12 and older, with no upper age limit.

Fox announced the details Monday, calling the recod contract "the largest guaranteed prize in television history." The contract will be with Syco, a joint venture between Sony Music and Cowell.

With a Cowell-dominated Super Bowl ad (below) and the announcements Monday, the show is in full ramp-up mode. Auditions will begin March 27 in Los Angeles, and will welcome individual singers as well as groups.

The show will also announce soon who will join Cowell at the judges' table.

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