The exact rewards that come with the Prize are unspecified, but are hinted at and referred to in the movies and series as may be including: the ability to dominate all of mankind, the ability to know what mortals are thinking, the combined quickening energy and experience of all immortals, and the ability to render oneself mortal, thus becoming able to bear children. Because of the implied power of the Prize, Ramirez stated that, "The Kurgan...is the strongest of all the immortals. He's the perfect warrior. If he wins the Prize, mortal man would suffer an eternity of darkness."
Within the film Highlander, upon winning the prize, Connor shouted ecstatically, "I feel everything! I know everything! I am everything!"
Note: Initially, the film, Highlander, was a standalone with a definitive conclusion in which Connor MacLeod won the Prize and was the last Immortal. The introduction of the series and subsequent sequels rendered that conclusion void, or at least only valid in an alternate time line. Within the series, Connor was merely the defeater of the Kurgan, and was not the last man standing.