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Buffet offers $1 billion for perfect March Madness bracket

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Billionaire investor Warren Buffet announced today an offer of a billion dollars to anyone who can correctly guess the winners of all 64 games in the March Madness bracket.

Buffet has teamed with Quicken Loans, owned by Dan Gilbert, who also owns the Cleveland Caveliers team, to see if someone will be lucky enough to beat the extremely slim odds and create the perfect bracket for the men's college basketball championship weeks.

The prize would pay out in 40 annual installments of $25 million. If you prefer a lump sum, you'd only get $500 million. Published reports place your chances of winning at anywhere from 1 in 128 billion to 1 in 92 quintillion.

Quicken will also award $100,000 to each of the contest's most accurate "imperfect" brackets submitted by qualified contest entrants to use toward buying, remodeling or refinancing a home. In addition, the company will donate $1 million to inner-city Detroit and Cleveland non-profit organizations.

Named the world's fourth richest man by Forbes magazine, Warren Buffet is the billionaire CEO of Berkshire Hathaway and philanthropist who gives away millions of dollars each year to charities. Gilbert's company is paying an undisclosed premium to Berkshire Hathaway to cover Quicken Loans' potential payout.

Entry in the contest is free and begins March 3, though entrants can't make their picks until brackets are finalized on March 16. The deadline for entries is March 19.

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