According to a post on WarrenBuffet.com, Warren Buffett's holding company Berkshire Hathaway and Quicken Loans have teamed up to offer $1 billion to someone who is able to pick a "perfect" NCAA March Madness bracket. Registration for the Quicken Loans Billion Dollar Bracket Challenge opens up on March 3rd.

What is a perfect bracket? That means picking the correct winner of every single game in the NCAA men's college basketball tournament that begins on March 18, 2014. Berkshire Hathaway is ensuring the grand prize. I think they're good for the money, given the company has over $200 billion in net assets (assets less liabilities) as of September 2013.

The chances of winning are 1 in 9,223,372,036,854,775,808, which in words is nine quintillion, two hundred twenty three quadrillion, three hundred seventy-two trillion, thirty-six billion, eight hundred fifty four million, seven hundred seventy-five thousand, eight hundred and eight. This actually gives me some incentive to play POWERBALL, with its much better chances of winning the prize at 1 in 176 billion!

Is this really $1 billion!? Well, kind of. If you take the winnings over 40 years, you'll receive $25 million each year. Or you can take a lump sum of $500 million up front. I think I'd go with that option. Of course, if there are multiple winners, you'll split the proceeds.

Quicken Loans is also giving away $100,000 to the top 20 scoring brackets! They are capping contest entires to the first 10 million registrants, thought they may expand that at their discretion. The contest is open to legal, 21 and older residents of the U.S. and District of Columbia.

Follow the Quicken Loans Billion Dollar Bracket Challenge Facebook page at www.facebook.com/notes/quicken-loans/quicken-loans-billion-dollar-bracket-challenge-short-form-rules/10152185833560489 for details and official rules.