Simon Cowell Dishes on Upcoming 'X Factor'

After yesterday's $5 million announcement, Simon Cowell took to the phone to talk to reporters about 'The X Factor.' Anticipation is high for the fall premiere of the American incarnation of a show that rivals the Parliament as a British national institution.

Asked about the unprecedented prize the winner will take away, along with a recording contract with Sony, Cowell admitted to being just a little bit nervous about the seven-figure stakes but believes he can find a deserving star. "The money rightly puts an enormous amount of pressure on people," said the reality TV mogul.

The winner will receive a $1 million check once a year for five years, from which recording and marketing expenses will not be deducted. "This is not a dressed-up $5 million," said Cowell in the media conference call.

And those concerned that an inexperienced nobody thrust into the limelight might blow the money on hookers and drugs, need not worry. The winner will receive financial advice on how best to manage their winnings. Whew!

That's all well and good, but what we're really clamoring for is any word on who Simon deems worthy enough to sit next to him on the judges' panel. We should expect an announcement regarding 'The X Factor's' judges' roster "in three or four weeks," Cowell said.

Will Paula Abdul be one of them? "I'm a massive fan of Paula's. When you work with somebody as long as I did with Paula ... we were friends 80 percent of the time and interestingly, we've been in contact (after 'Idol'). I'm not going to say on this call who we are going to confirm or not confirm, but we're talking to a number of people."

On that note, expect the phones of only those sitting atop the music industry to ring with calls from 'X Factor' producers. With pressure on the judges to not only critique the contestants but also mentor them, the live portion of the show will be ultra-competitive and Simon is looking for some true music heavyweights who can back up their criticism as well as coach the contestants.

"I got bored of just judging," said Cowell. "I wanted to make a show where I, along with my fellow judges, help competitors on a regular basis." Cowell, whose music industry experience is mostly on the record label end, wants to replicate that experience on 'The X Factor.' "It's more interesting to me because I have a lot more to do with that. When you lose an artist, part of you has lost as well. You win when they win."

While we have no idea who Simon has his eye on for the panel, he did emphasize the level of commitment the judges will need to make to not just the show, but the contestants. Once the live show is underway, the panelists will need to be available five to six days a week to work with the contestants. Which means the judges will be just as competitive as their charges.

With that level of personal investment in the contestants, Simon acknowledged the effect it will have on the panel's judgment. "It makes it amusing to judge other judges' contestants," said Cowell.

A few other interesting 'X Factoids' from the call:

• No specific Sony label has been secured yet. The winner will be assigned to the in-house label that best fits their style

• The judges won't be the only ones critiquing the auditions. Contestants will audition in front of 4,000 to 5,000 fans, which Simon likened to a concert performance.

• There's no age limit on 'X Factor' contestants, unlike 'American Idol,' which cuts off at 28. After happening upon Susan Boyle via 'Britain's Got Talent,' Cowell believes a star can be found at any age. Which means we can look forward to seasoned 40-year-olds duking it out with 12-year-olds.

'The X Factor' premieres this fall on Fox. See more at TV Squad.