Warren Buffett, Dan Gilbert offering 1 Billion for perfect NCAA Bracket

Talk about the ultimate March Madness bracketology tease. USA Today reports that the chances of having a perfect bracket are 1 in 9.2 trillion.  This might explains why Warren Buffett, CEO of Berkshire Hathaway, and Dan Gilbert, owner of the Cleveland Cavaliers and founder of Quicken Loans, are offering anyone who can correctly predict a perfect NCAA March Madness bracket a billion dollars.

The billion dollar Grand Prize would payable over course of 40 years in annual payments of $25 million. You may also elect to receive a one-time payment of $500 million. If there is no perfect bracket then the 20 closest contestants will be rewarded $100,000 each, which interestingly enough has to be used toward buying, refinancing or remodeling a house.

Follow Quicken Loans on Facebook and Twitter for more details of the contest, which begins March 3rd.