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A billion for a bracket from Buffett

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Everyone in a March Madness pool dreams of having a perfect NCAA Tournament bracket, and of winning their local pool or contest.

But what if that perfect bracket could make you rich beyond your wildest dreams?

Well, multi-billionaire Warren Buffett is willing to pony up for a perfect bracket. In a Forbes magazine story that hit the shelves on Tuesday, Buffett announced that he would have a contest for March Madness, and that anyone who was able to pick all of the winners - from 64 teams down to 1 - would win one billion dollars.

The tourney won't start until mid-March, but that doesn't mean folks are ignoring this news on college basketball in the midst of the approaching Super Bowl. The two events are easily the most wagered events in American sports, and the number of entries that this contest should be astronomical.

Play-in games are not included in the bracket's requirements, so participants would have to be perfect starting with the round of 64.

Even if there is no perfect bracket, Quicken Loans (who is teaming up with Buffett and Berkshire Hathaway) will offer $100,000 to the brackets that come closest to being perfect, for remodeling or purchasing a home.

Participation is being capped at 10 million entries.

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