The stakes for March Madness brackets this year went up just a little beyond winning office pools and bragging rights at the water cooler, as billionaire investor Warren Buffett and Detroit-based Quicken Loans have cooked up an extremely tempting, and nearly unwinnable, offer for sports fans.

On Tuesday, Buffett and Quicken announced a $1 billion prize for anyone who can correctly predict the winners of all the games in the NCAA men's basketball championship tournament. And, Buffett’s Berkshire Hathaway (NYSE:BRK.A) will insure the prize money offered by Quicken for an undisclosed amount.

“This will be the most fun. Just imagine if there’s one person left (with a perfect bracket) at the last game,” Buffett told Los Angeles Times. “I will go to that final game with him or her, and I’ll have a check in my pocket. ... I think we’ll be rooting for different teams.”

Berkshire Hathaway CEO Warren Buffett spins a basketball on his fingertip with the help of Harlem Globetrotter member Handles Franklin just before the company's annual meeting in Omaha on May 4, 2013. Photo: Reuters/Rick Wilking

Registration for the contest, which is limited to the first 10 million entries, will begin March 3, the Los Angeles Times reported, adding that Quicken will award $100,000 each to the contest’s 20 most accurate, but imperfect brackets, to be used toward buying, refinancing or remodeling a home.

The report cited Ezra Miller, a mathematics professor at Duke University, as saying that the chances of even a skilled sports handicapper winning the billion-dollar price would be one in a billion.

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And, if one person does submit the perfect bracket, he or she can choose to take home the prize money in 40 annual payments of $25 million each, or opt for a lump sum payment of $500 million. If there are multiple winners, the prize money would be split evenly, according to the LA Times.

“Millions of people play brackets every March, so why not take a shot at becoming $1 billion richer for doing so?” Buffett told the LA Times. “While there is no simple path to success, it sure doesn’t get much easier than filling out a bracket online.”