Warren Buffet offers $1 billion for perfect March Madness bracket

You’ll only get one bracket during Quicken Loans March Madness challenge, so put in some effort. After all, there’s $1 billion on the line.

Warren Buffett and Berkshire Hathaway, in partnership with Dan Gilbert and Quicken Loans, will be offering over a billion dollars in prizes and charitable donations during this year’s tournament.

The owner of a perfect bracket will win $1 billion from Buffett. It will either be paid over 40 years in $25 million annual installments, or in a lump sum of $500 million. If there are multiple winners, the grand total will be split accordingly.

For its part, Quicken will give $100,000 to the top 20 brackets that aren’t perfect. The company will also donate $1 million to inner-city non-profit organizations in Detroit (where the company is headquartered) and Cleveland (where its NBA arena is located).

The companies looked to up the ante from customary $1 million contests. Buffet is going so far as to challenge people to make the easy money.

“Millions of people play brackets every March, so why not take a shot at becoming $1 billion richer for doing so. While there is no simple path to success, it sure doesn’t get much easier than filling out a bracket online. To quote a commercial from one of my companies, I’d dare say it’s so easy to enter that even a caveman can do it.”

Preliminary rules for the contest are below, courtesy of Yahoo! Finance.

Free registration for the ‘Quicken Loans Billion Dollar Bracket’ will begin on Monday, March 3rd, 2014 and runs until Wednesday, March 19th, 2014.  All participants registering prior to the tournament selection process will receive their brackets the evening of Sunday, March 16, 2014 when entrants can begin filling out their bracket.

To be eligible for the $1 billion grand prize, entrants must be 21 years of age, a U.S. citizen and one of the first 10 million to register for the contest. At its sole discretion, Quicken Loans reserves the right and option to expand the entry pool to a larger number of entrants. Submissions will be limited to a total of one per household. All qualified entrants are eligible for the 20 1st prize awards of $100,000 for selecting the competition’s top 20 most accurate “imperfect” brackets.

Full contest rules along with more information about ‘Quicken Loans Billion Dollar Bracket’ will be released and published in the days and weeks leading up to the men’s collegiate March championship tournament.

See if you can score the perfect bracket live! 2014 Final Four tickets are available now from PrimeSport.