Monday's Championship play-off final will determine which team will be promoted to the Premier League, a feat analysts estimate to be worth 120 million pounds.
Both clubs are pretty familiar with the top flight with Watford last playing there in 2007 and Palace in 2005 and they are seeking to join Cardiff City and Hull City, who were automatically promoted as champions and runners-up.
While Cardiff and Hull got there the easier way, the challenge for Watford, who finished third in the table, and Palace, who came fifth, was a two-legged play-off semi-final before Monday's Wembley showpiece in front of a sell-out crowd.
For the winner, the match represents a bumper pay day with business advisory firm Deloitte saying a club can expect a revenue boost of at least 120 million pounds, around half of which is from an improved television deal for the world's richest domestic league.
Even their season's income from Europe's elite club competition, expected to be around 60-70 million euros, falls well short of what is ultimately on offer to the play-off winners.
A financial boost would be huge for Palace three years after a group of local businessmen rescued the club from administration, while for Watford it would be an immediate reward for Italy's Pozzo family who bought the club last year.
"The continued increase in the value of promotion to the Premier League provides newly promoted clubs the opportunity to make strategic investment on and off the pitch," Deloitte senior consultant Adam Bull said in a statement.
Palace boss Ian Holloway was always one of the most quotable managers when he was in charge of Blackpool's rollercoaster ride in the 2010/11 season, producing gems such as "Oh deary me, our castle was made of sand" when the team from the seaside resort were relegated.
