The 2024 season of America’s Got Talent (AGT) has kept audiences on the edge of their seats with thrilling performances, heartwarming stories, and a showcase of incredible talent. One contestant who has captured the hearts of millions is Richard Goodall, the former school janitor who rose to fame with his stunning vocal performances. As he heads into the final stages of the competition, there’s more than just talent at play—there’s a $1 million prize on the line. However, a recent announcement about the AGT prize money structure has left both fans and contestants wondering: will Goodall and other hopefuls walk away with the full $1 million?
The Fine Print: Not All at Once
AGT has long been famous for offering one of the most significant cash prizes in reality television. The $1 million prize sounds like an enormous windfall for any winner. However, what many viewers may not know is that the prize is subject to conditions that could drastically reduce its immediate value.
At the end of each episode, a disclaimer appears stating, “The prize, which totals $1,000,000, is payable in a financial annuity over 40 years, or the contestant may choose to receive the present cash value of such annuity.” This means that contestants are given two options: they can receive the full $1 million spread out over four decades, or they can opt for a lump sum payment that is significantly lower than the total prize amount.
This stipulation has surprised many contestants in the past, and for those like Goodall—who have gained fame but are still in the running to win—it introduces a complex decision-making process. Should they take the long-term payout and secure the full amount, or choose the lump sum and deal with a reduced prize?
How Much Do Winners Really Take Home?
For those who decide against waiting 40 years to receive the full $1 million, the lump sum option could be tempting. However, the present cash value of the annuity is considerably lower than the advertised prize. While the exact amount varies depending on interest rates and market conditions at the time of the win, the lump sum can range from $300,000 to $600,000—often around half of the full $1 million prize.