Posted: Tue January 21, 2014 3:27PM; Updated: Tue January 21, 2014 3:27PM

$1 billion offered for perfect tournament bracket

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Warren Buffett
Warren Buffett's Berkshire Hathaway is teaming with Quicken to award the potential prize.
Bill Pugliano/Getty Images

DETROIT (AP) -- Correctly predicting the outcome of every game in the NCAA men's basketball tournament is no layup. There's now a $1 billion prize waiting for anyone able to pull off the feat this spring.

BELLER: Which teams are on the tournament bubble?

Quicken Loans Inc. announced Tuesday that it will team 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.

Submissions are limited to one per household.

BELLER: Wichita State must get a 1-seed if it wins out

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