It's being promoted as the "biggest reality competition ever" as Netflix gears up to turn its hit show "Squid Game" into a reality TV series based on the frightening fictional competition where players risk their lives so that a winner can pay off their crippling debt obligations.

The announcement was made at the "Banff World Media Festival" on Tuesday. The show, called "Squid Game: The Challenge," will have 456 players all competing for a chance to win $4.56 million. According to Netflix, that's the largest lump sum of cash in TV history to be handed out as a prize. As the Hollywood Reporter noted, the "X-Factor" on Fox gave winners a ,$5 million recording contract.

Netflix released a promotional video of what the show might look like but didn't announce what games are planned, the Verge reported.

Netflix's vice president of unscripted and documentary series Brandon Riegg said, while thanking the show's original creator Hwang Dong-hyuk, “We’re grateful for his support as we turn the fictional world into reality in this massive competition and social experiment.”

Riegg said, “Fans of the drama series are in for a fascinating and unpredictable journey as our 456 real-world contestants navigate the biggest competition series ever, full of tension and twists, with the biggest ever cash prize at the end.”