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Warren Buffet Will Pay $1 Billion For A Perfect Bracket This March

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J. Meric

Quicken Loans has joined forces with billionaire Warren Buffett and Berkshire Hathaway to offer a chance at a $1 billion prize for completing a perfect NCAA Tournament bracket this March.

The prize will be paid out in 40 annual installments of $25 million. If there's more than one winner, they'll have to share. The winner or winners can also take or split up an immediate $500 million lump sum payment.

"It is our mission to create amazing experiences for our clients. This contest, with the possibility of creating a billionaire, definitely fits that bill," Jay Farner, President and Chief Marketing Officer of Quicken Loans, said in a statement. He added: "We've seen a lot of contests offering a million dollars for putting together a good bracket, which got us thinking, what is the perfect bracket worth? We decided a billion dollars seems right for such an impressive feat."

It will cost nothing to enter the contest.

The odds of correctly predicting every game in the NCAA Tournament are somewhere in the neighborhood of 1 in 9.2 quintillion, but that's not going to stop me from putting all of my eggs in this basket. Without getting too much into my financial situation, let's just say if this doesn't work out I'm going to be eating Kroger brand shells and cheddar for the next seven years.

Fingers crossed.