If someone were to win, the prize will be paid for by Buffet's Berkshire Hathaway. Buffet said the winner would get the billion dollars over 40 years in annual payments of $25 million, or they could take a lump-sum payment of $500 million.
“Millions of people play brackets every March, so why not take a shot at becoming $1 billion richer for doing so?” Buffett said. “While there is no simple path to success, it sure doesn’t get much easier than filling out a bracket online.
Buffet said that if a contestant comes close to winning before the final game, he will accompany that person to the final game.
"I will invite him or her to be my guest at the final game and be there with a check in my pocket, but I will not be cheering for him or her to win," he said, jokingly.
Quicken will give 20 contestants who come the closest to winning a $100,000 each toward buying, refinancing or remodeling a home. The contest will start March 3 and brackets are expected by March 16.