08/05/2011 03:12 EDT | Updated 10/05/2011 05:12 EDT

Cowell says 'X Factor' winner to get $5 million, a record contract and a Super Bowl spot

BEVERLY HILLS, Calif. - The top finisher on Fox TV's new "The X Factor" will win very big.

Besides a recording contract, the winning singer or singers will receive a $5 million cash prize and be featured in a Super Bowl commercial for Pepsi. That's the word from "X Factor" creator Simon Cowell, who spoke to TV reporters Friday by satellite from England.

Previously, Fox 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.