"Next year will be a bloodbath. We have to come out with something better than the rest, and that's what we aim to do," The X Factor producer and judge toldPeople last Thursday following the show's first-season finale when Melanie Amaro was crowned champion and won a $5 million recording contract.
"Can we make the show better? Yes. I will never ever go into anything going forward unless I can believe I can make it better."
Cowell will reportedly be discussing possible second-season changes -- including who will sit on the judging panel and host the show next season -- with sponsors and the Fox network in the UK this week.
In agreeance with many television critics and viewers, fellow judge Paula Abdul offered her input and told People she hopes the show will tone down its dramatic production, which often featured numerous dancers, intense lighting and arguably distracting backdrops.
"It'll be successful if you are open to tweaking things," Abdul said. "I understand pros and cons of the value of having these big production numbers, but... I am a fan of less is more."