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Buffett insuring $1B bracket challenge

By By The Sports Xchange
Published On: Jan 21 2014 10:05:27 AM CST
Updated On: Jan 21 2014 02:41:52 PM CST
basketball on court

iStock / 33ft

Turns out, there is a price for perfection.

Mortgage lender Quicken Loans is teaming up with Warren Buffett and Berkshire Hathaway to offer a chance at a $1 billion prize for completing a perfect NCAA Tournament bracket.

Any registered entrant in the "Billion Dollar Bracket Challenge" will share the total $1 billion prize paid in 40 annual installments of $25 million, Quicken Loans said Tuesday.

Winners could instead choose an immediate $500 million lump sum payment or share in that lump sum payment if there is more than one perfect bracket submitted.

"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?' We decided a billion dollars seems right for such an impressive feat," said Jay Farner, president and chief marketing officer of Quicken Loans. "It is our mission to create amazing experiences for our clients. This contest, with the possibility of creating a billionaire, definitely fits that bill."

Beyond the grand prize, Quicken Loans is offering $100,000 to the contest's 20 most accurate -- if not perfect -- to use toward buying, refinancing or remodeling a home.

In conjunction with the "Billion Dollar Bracket Challenge," Quicken Loans will also be directly donating $1 million to inner-city Detroit and Cleveland nonprofit organizations that are dedicated to improving the education of young Detroit and Cleveland residents.

"Millions of people play brackets every March, so why not take a shot at becoming $1 billion richer for doing so," said Buffett, chief executive officer of Berkshire Hathaway, who is insuring the contest's grand prize. "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."

Registration is free and begins March 3, running through March 19. Registration is required and entrants will receive their brackets on Selection Sunday.