Billionaire Warren Buffett wants someone to join his club.
Buffett’s Berkshire Hathaway has teamed up with Dan Gilbert‘s Quicken Loans to give $1 billion to anyone who fills out a perfect 2014 NCAA men’s basketball March Madness bracket, according to Business Insider.
The prize payouts will be divvied into 40 annual payments of $25 million, and if more than one person wins, they’ll have to share the money. The winner(s) also has the option to take (or split up) an immediate lump sum payment of $500,000.
“It is our mission to create amazing experiences for our clients. This contest, with the possibility of creating a billionaire, definitely fits that bill,” Quicken Loans president Jay Farner said in a statement. “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.”
Those who miss having a perfect bracket by a game or two also have a chance to win something, according to Business Insider. Quicken Loans will give $100,000 each to the owners of the contest’s 20 most accurate but imperfect brackets. The money would go specifically toward buying, refinancing or remodeling a home. Quicken Loans will also donate $1 million to inner-city Detroit and Cleveland nonprofit organizations.
The odds are stacked against entrants — they are about one in 9.2 quintillion, according to Yahoo! Sports — but the contest is free to enter, so why not?
The contest starts March 3, and March Madness kicks off March 18.
