Business magnate Warren Buffett's Berkshire Hathaway has teamed up with Cleveland Cavaliers owner Dan Gilbert's Quicken Loans to offer a $1 billion cash prize for a perfect March Madness bracket.
The prize would be paid out in 40 annual installments of $25 million.
"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," said Jay Farner, President and Chief Marketing Officer of Quicken Loans in a statement. "It is our mission to create amazing experiences for our clients. This contest, with the possibility of creating a billionaire, definitely fits that bill."
The "Billion Dollar Bracket Challenge" will also pay out $100K to the 20 closest "imperfect" brackets and donate $1 mill. to inner city charities in both Detroit and Cleveland.
The annual NCAA March Madness tournament field will be announced on Sunday, March 16.
Registration for the contest is open to Americans only.