The rabbit hole, as they say, keeps getting deeper. Initial reporting put the estimated cost of Arnell’s redesign of the Pepsi logo at $1 million. But a source close to the matter informed AgencySpy today that Pepsi paid upwards of $10 million for the logo.

We recently showed you the PDF containing the Arnell’s “rationalization” of the piece. It provided insight into what they sold Pepsi, though we learned later that the logo was one of many (as it goes with logo design) that Peter Arnell was shown &#151 and he allegedly chose this one because it looks like a smile. Aww, that’s nice.

Our source would not go on the record, but was unwavering about the $10 million figure. We aren’t sure if that amount refers solely to the logo design or if it’s in reference to other work as well.

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More: “The Arnell Process: Create Logo, Fabricate ‘Gravity’ Story, Sell to Client”