The Super Bowl halftime show promises to be one of the most spectacular yet, thanks to Dr. Dre, but the stakes are high because if COVID somehow kills the show, Dre could lose millions.

As we reported, the show will be filled with huge stars, including Eminem, Snoop, Kendrick Lamar, and Mary J. Blige. Sources with direct knowledge tell TMZ, Dre is fronting most of the money necessary to pull off the event, and we're told it's in the millions of dollars.

Our sources say ... Dre has Event Cancellation Insurance to cover any calamity that might derail the halftime show. Problem is ... we're told there's an exclusion for COVID.

We've learned the pesky provision is called a Communicable Disease Exemption, and it's been around for years ... ever since SARS. But COVID is part of the Communicable Disease Exemption, which means the insurance policy will not cover Dre's losses if the show is 86'd.

The high, high likelihood is the show will go on as planned. There's cautious optimism Omicron will peak later this month ... and the Super Bowl is set for February 13th.

Even if there's an explosion of cases and the crowds are either scaled back or even eliminated, the game will go on ... similar to how it went down last year in the throes of the pandemic. The other possibility, the NFL has made it clear it wants fans in the stands, and if that can't happen at L.A.'s SoFi Stadium, the game could be moved to say, Dallas.