Warren Buffett’s Berkshire Hathaway Inc. and Dan Gilbert’s Quicken Loans are partnering to award anyone who fills out a perfect 2014 Men’s NCAA Tournament bracket with $1 billion, the New York Times reported.

“Millions of people play brackets every March, so why not take a shot at becoming $1 billion richer for doing so,” Buffett said in a statement.

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 an immediate $500 million lump sum payment.

To be eligible for the $1 billion grand prize, entrants must be 21 years of age, U.S. citizens and among the first 10 million to register for the contest, according to Quicken Loans.

By Lee Shin-young, Intern reporter (sylee@heraldcorp.com)