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It's time. Simon Cowell's return to U.S. television on "The X Factor" arrives Wednesday night, sporting the largest prize in TV history: a $5 million recording contract. The judges are introduced: In addition to Simon, we've got Nicole Scherzinger, L.A . Reid, Paula Abdul, "and introducing..." Cheryl Cole. The opening sequence features big, dramatic moments -- including Paula sobbing like nobody's business, and Simon saying he's "hating this," the whole thing is some kind of bleeped expletive and it's "just not working." Then we get title music that sounds eerily similar to "America's Got Talent." Host Steve Jones explains the whole deal: The first audition in L.A . has 20,000 people waiting to audition, which Steve calls a record audition turnout for the city. The rules: Anyone over 12 can audition, either solo or in a group. Then the judges are introduced -- again. Simon says he "walked away from the number one show in America to start a new show. The whole thing's a gamble." L.A. Reid says he walked away from his job as chairman at Island-Def Jam Records . Cheryl Cole joins the auditions in L.A., and Paula is back, saying she's "looking forward to sitting next to my partner in crime."