Warren Buffett's Berkshire Hathaway and Dan Gilbert's Quicken Loans are partnering to award $1 billion to anyone who fills out a perfect 2014 Men's NCAA Tournament bracket.
The prize will be paid out in 40 annual installments of $25 million. If there's more than one winner, they'll have to share. The winner or winners can also take or split up an immediate $500 million lump-sum payment.
"It is our mission to create amazing experiences for our clients. This contest, with the possibility of creating a billionaire, definitely fits that bill," Jay Farner, president and chief marketing officer of Quicken Loans, said in a statement. He added: "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."
In addition to the grand prize, Quicken will award $100,000 each to the contest's 20 most accurate "imperfect" brackets submitted by qualified entrants in the contest to use toward buying, refinancing, or remodeling a home. Quicken will also donate $1 million to inner-city Detroit and Cleveland nonprofits. Quicken is based in Detroit, but Gilbert owns the Cleveland Cavaliers and the city's Horseshoe Casino.
The odds are not ideal—a 1 in 9.2 quintillion chance. But it costs nothing to fill out, so you should probably do it. The contest starts March 3, and March Madness kicks off March 18.
TODAY IN SLATE
Scalia’s Liberal Streak
The conservative justice’s most brilliant—and surprisingly progressive—moments on the bench.
Scotland Votes to Remain in U.K.
There’s a Way to Keep Ex-Cons Out of Prison That Pays for Itself. Why Don’t More States Use It?
The Music Industry Is Ignoring Some of the Best Black Women Singing R&B
Sometimes Women Do Make Fake Rape Allegations
And we need to treat that as a serious problem.
Theo’s Joint and Vanessa’s Whiskey
No sitcom did the “Very Special Episode” as well as The Cosby Show.
The Other Huxtable Effect
Thirty years ago, The Cosby Show gave us one of TV’s great feminists.