Warren Buffett offers $1 Billion for perfect March Madness Bracket

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Warren Buffett is teaming with Quicken Loans to offer a $1 billion prize to the person who submits the perfect March Madness bracket. The winnings will be paid out by Buffett's Berkshire Hathaway.

The winner would get annual payments of $25 million, or one payment of $500 million. If more than one person wins, the money would be split between them.

CNN reports Buffett will not disclose the premium that Quicken Loans CEO Dan Gilbert agreed to pay Berkshire to cover the payout.

"Dan says it is too much and I say it's too little," he told CNN's Poppy Harlow.

Buffett also says if there is a contestant who has a chance for the prize when the final game is held on April 7 in Arlington, Texas, he plans on attending the game.

"I will invite him or her to be my guest at the final game and be there with a check in my pocket, but I will not be cheering for him or her to win," he told CNN jokingly.  "I may even give them a little investment advice."

Entry in the pool is free. Contestants can start signing up March 3, though they won't be able to make their picks until the brackets are set on March 16. The deadline for entry is Wednesday, March 19.

This isn't the first Buffett-backed contest. The billionaire investor offered a similar $1 billion prize from PepsiCo 11 years ago, involving numbers printed in the bottle caps of Pepsi products.  No one ended up collecting that prize. 

CNN Money contributed to this report.