$1 billion offered for perfect tournament bracket

DETROIT, MI - NOVEMBER 25: Warren Buffett, Chairman and CEO of Berkshire Hathaway and Co-Chairman of Goldman Sachs 10,000 Small Businesses Program, speaks during a press conference where it was announced that Detroit was named the 11th city to be included in the $500 million Goldman Sachs initiative November 26, 2013 at Ford Field in Detroit, Michigan.

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DETROIT (AP) — Correctly predicting the outcome of every game in the NCAA men’s basketball tournament is no layup. There’s now a $1 billion prize waiting for anyone able to pull off the feat this spring.

Quicken Loans Inc. announced Tuesday that it will team with investor Warren Buffett’s Omaha, Neb.-based Berkshire Hathaway on the "Billion Dollar Bracket Challenge."

The Detroit-based mortgage lender says any qualified entrant who correctly predicts the winners of every game in the tournament will be paid in 40 annual installments of $25 million. A winner also can elect to receive an immediate $500 million lump-sum payment or share in that payment if there’s more than one perfect bracket submitted.

Submissions are limited to one per household.