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What Does A Perfect March Madness Bracket Get You? $1B From Warren Buffett

NEW YORK (CBSNewYork) -- The sports world is currently focused on football with Super Bowl XLVIII less than two weeks way.

But even though it's only January, you might want to start brushing up on your college basketball knowledge.

It could pay off -- big time.

Warren Buffett's Berkshire Hathaway and Dan Gilbert's Quicken Loans have teamed up and are offering $1 billion -- yes, $1 billion -- to anyone who fills out a perfect Men's NCAA Tournament bracket this March, according to Business Insider.

Berkshire Hathaway is backing the prize offered by Quicken Loans.

The $1 billion award would be paid in 40 installments of $25 million, the website reported. If more than one person fills out a perfect bracket, the sum will be shared.

Pretty generous. So why exactly are these two men and their companies offering such an enormous amount of money?

"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?' Quicken Loans President and Chief Marketing Officer Jay Farner said in a statement. "We decided a billion dollars seems right for such an impressive feat. It is our mission to create amazing experiences for our clients.

"This contest, with the possibility of creating a billionaire, definitely fits that bill."

Of course, if you've ever filled out a bracket before -- and even if you haven't -- you know that the odds aren't exactly in your favor. With a 68-team field, the odds of getting every pick right are 1 in 9.2 quintillion, according to Business Insider.

But it's worth a shot, right? And let's be honest -- you're going to fill out a bracket anyway.

"Millions of people play brackets every March, so why not take a shot at becoming $1 billion richer for doing so?" Buffett, the Chief Executive Officer of Berkshire Hathaway, said in a statement. "While there is no simple path to success, it sure doesn't get much easier than filling out a bracket online.

"To quote a commercial from one of my companies, I'd dare say it's so easy to enter that even a caveman can do it."

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