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Warren Buffett offering $1 billion for perfect NCAA basketball tournament bracket

By: The Associated Press
January 21, 2014 Updated: January 21, 2014 at 4:54 pm
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photo - UCLA's Jordan Adams (3) prepares to shoot as Colorado's Wesley Gordon, right, defends during the first half of an NCAA college basketball game in Boulder, Colo., Thursday, Jan. 16, 2014. (AP Photo/Brennan Linsley)
UCLA's Jordan Adams (3) prepares to shoot as Colorado's Wesley Gordon, right, defends during the first half of an NCAA college basketball game in Boulder, Colo., Thursday, Jan. 16, 2014. (AP Photo/Brennan Linsley) 

DETROIT — Correctly predicting the outcome of every game in the NCAA men's basketball tournament is no layup.

But there's now a $1 billion prize waiting for anyone able to pull off the feat this spring.

Quicken Loans announced Tuesday that it's teaming with investor Warren Buffett's Omaha, Neb.-based Berkshire Hathaway on the "Billion Dollar Bracket Challenge."

The Detroit-based mortgage lender says any qualified entrant who correctly predicts the winners of every game in the tournament will be paid in 40 annual installments of $25 million. A winner also can elect to receive an immediate $500 million lump-sum payment or share in that payment if there's more than one perfect bracket submitted.

Free registration for the contest will begin March 3 and run until March 19.

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