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Warren Buffett offering $1 billion for perfect tournament bracket

March Madness bracket board

Warren Buffett and Dan Gilbert, founder of Quicken Loans, are teaming-up to offer $1 billion for the perfect NCAA tournament bracket.

CNBC reported Buffett’s Berkshire Hathaway will be insuring the grand prize.

Officials said the prize would be shared by any qualified contest participant who predicts the winners of every game in the men’s college basketball tournament.

The billion dollars would be paid in 40 annual installments of $25 million each, according to CNBC.

The winner (or winners) may also choose to get a lump sum payment of $500 million (or share in that amount).

Along with the potential grand prize, Quicken said it will award $100,000 for each of the 20 most accurate “imperfect” brackets in the contest to use toward buying, refinancing or remodeling a home.

Quicken will also be directly donating $1 million to nonprofit education organizations in Detroit, the city in which it’s headquartered, and in Cleveland.

Click here for the bracket

Gilbert, a billionaire himself, also owns the NBA’s Cleveland Cavaliers.

—By CNBC’s Matthew J. Belvedere