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$5 million -- as in 5 -- for 'The X Factor' winner

In what is surely a very large inducement to compete in "The X Factor" -- indeed, where do I sign up? -- Fox just announced that the winner will get $5 million, and a record deal with Sony. Let us be perfectly clear here because I'm not sure "The X Factor" is: That's a $5 million recording contract with Sony. No one is handing the winner a $5 million check. But what the heck! Auditions will come to NYC. They start in L.A. March 27.

From the news release:

THE X FACTOR judges will travel the nation searching for undiscovered talent 12 years old or over – both solo artists and vocal groups – who are willing to brave the panel for a chance to make their dreams come true. In a departure from other singing competition series, the first time a contestant auditions for the judges, he/she will do so in front of an audience of thousands – raising the stakes and increasing the pressure to impress not only the judges, but also a potential legion of fans. This will be the ultimate test to prove they have the vocal ability, charisma and stage presence that it takes to become a global superstar and win a $5 million recording contract with Syco/Sony Music. In the coming weeks, THE X FACTOR host and judges panel will be unveiled and announcements will be made about audition opportunities that will give everyone 12 or over in America – no matter where they live – the chance to show that they’ve got it. There also will be reveals of unprecedented initiatives that will make THE X FACTOR unlike anything else on television.

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