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March Madness is arguably sports’ biggest spectacle simply for the fact all teams involved play for their lives and both avid and casual fans make an event out of filling out their brackets.

Some do it for fun and some do it for money. But billionaire tycoon Warren Buffett is suggesting everyone partake in the latter for the 2014 NCAA Men’s College Basketball tournament.

He’s offering a cool billion dollars for the one who can submit a perfect bracket.

Together with his own Berkshire Hathaway company and Cleveland Cavaliers owner and Quicken Loans chairman Dan Gilbert, the illogical winner can choose between 40 annual payments of $25 million or a $500 million one time bank account dump.

In other words, it’s the basketball lottery!

Reports Fox Sports:

“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. “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.”

“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, in the press release. “It is our mission to create amazing experiences for our clients. This contest, with the possibility of creating a billionaire, definitely fits that bill.”

Quicken Loans will also be donating $1 million to inner city schools and programs in Detroit and Cleveland as part of the promotion.

The chance of winning the top prize is roughly 1 in 9.2 quintillion but there are still hefty consolations available. The top 20 brackets which edge the art of perfection are worth $100K.

This is good publicity for the Gilbert and the Cavs (who really need it) and seeing that Buffett has more than $60 billion to his name, what the hell.

The registration period begins on March 3 to the first 10 million entrants who are U.S. citizens. Don’t sleep.

Photo: Baller Wives