Is American Idol's Steven Tyler and Jennifer Lopez enough star power to make up for the loss of Simon Cowell?

"American Idol" has a new team at the top: Steven Tyler, Jennifer Lopez and veteran Randy Jackson. In a live news conference broadcast today on AmericanIdol.com, "Idol" host Ryan Seacrest announced a refreshed lineup of judges for the hit reality competition series, which begins auditions for its 10th season this month. "You can do anything you want in this life," Lopez told Seacrest and a crowd of "Idol" hopefuls after the announcement.

In a statement released by Fox after the news conference, Lopez added, "For nine years, I've enjoyed watching artists compete to get a meaningful chance to achieve their dreams. In the same statement, Tyler said, "I've been on tour for most of my life in a band with four guys who judge me every day. Sometimes it hurt, but it only made me stronger.

"I want to give everybody a little love before I decide who goes home heartbroken. If you don't like what I say, don't get mad, get better. The new panel couldn't come sooner for "Idol."

The show lost almost all its top personalities this year -- Simon Cowell, Ellen DeGeneres and Kara DioGuardi. For months, Lopez and Tyler were rumored to be at the top of show judges' wish list. Tyler confirmed last month that he was fully aboard, responding to the "Idol" speculation with the declaration, "I'm doing it.

What do you think? I'm doing it," after a Las Vegas concert. Getting Lopez on board was reportedly held up by her attempts to negotiate a television and movie development deal along with the "Idol" stint.

Indeed, she got more than a judging job with "Idol." Today, Fox said Lopez has signed a deal with Twentieth Century Fox Films and Fox Broadcasting Co. To create future film and TV projects.

Both Tyler and Lopez can offer "Idol" some much needed star power. With his penchant for oddball fashion, Tyler would certainly serve as the spectacle "Idol" has lacked since Paula Abdul left her judge's seat in 2009. His credibility as a musician is off the charts: Aerosmith has had 21 singles make it into the Top 40 of the Billboard Hot 100.

Like Tyler, Lopez is a personality well known to millions. Unlike DioGuardi, whose role Lopez seems primed to fill, she's a household name with albums, movies and brands behind her. Tyler and Lopez can benefit from the show as well.

He has had his share of recent problems. He tumbled off stage at a concert in South Dakota last year, injuring himself and forcing Aerosmith to cancel the rest of its summer tour. Tyler checked into rehab in December for a painkiller addiction, amid talk that the band was looking to replace him.

Tyler has since gotten his act together and gotten back to performing (although he recently fell off stage again), thanks to Aerosmith guitarist Joe Perry. Lopez's star quotient has diminished since her late-'90s/early-'00s heyday. Her latest movie, "The Back-Up Plan," flopped at the box office earlier this year and her longtime record company, Sony Music Epic Records, dropped her in February.