Quicken Loans, Warren Buffett offer $1 billion for a perfect NCAA bracket

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'', with a $1 billion prize waiting for anyone able to correctly predicting the outcome of every game in the NCAA tournament.

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.

Quicken Loans Inc. said it will offer to split $2 million among the 20 most accurate predictions submitted for the contest. Submissions are limited to one per household.