TMZ is reporting that Tiger Woods settled with the first mistress, Rachel Uchitel, for $10 million. Yes, you read that right: $10 million.

There were numerous reports Rachel settled on the brink of holding a Gloria Allred-style news conference for anywhere between $2 - 5 million.

But our sources -- and they are good -- tell TMZ Tiger was so concerned with the depth and detail of information from Alleged Mistress #1 that they folded like a cheap suit, and offered the huge $10 million sum in return for an ironclad confidentiality agreement.

TMZ has learned the actual settlement could fluctuate $1 million either way, depending on future circumstances. But the baseline is $10 mil.

Rachel must've had some serious information on him for that type of payout, since other mistresses reportedly only got a few hundred thousand.

And guess who else this matters to? Elin Nordegren. If she chooses to divorce Tiger, and a mistress got $10 million, then she might be able to get up to $20 million.

So what do you think about all of this? Fact or fiction?

Photos by INF