Wed. is deadline for Warren Buffet's $1B perfect NCAA bracket challenge

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This isn't your average office pool. Here's how a perfect March Madness bracket can leave you a billion dollars richer.

Thanks to the backing of Warren Buffett — who knows a thing or two about making money — your picks could yield a pretty big prize. (Via Flickr / thetaxhaven)

Buffett's company, Berkshire Hathaway, is teaming up with Quicken Loans for the contest. Quicken's founder and Chair Dan Gilbert is invested in basketball — he also owns the NBA's Cleveland Cavaliers. Wednesday, March 19, is the deadline for entering.

So, it's not quite business as usual. But it's not all that out of the ordinary for Buffett.

"Buffett's company has specialized in unusual insurance risks for decades now. ... Quicken Loans will accept 10 million entrants to its contest." (Via KGO-TV)

According to Business Insider, the winner would get 40 annual installments of $25 million, or there's a $500 million lump-sum option. If more than one entrant has a perfect bracket, they'll have to share.

But what are the odds? You can probably guess — this is no free throw.

"You're wondering your chances of filling out a perfect bracket? It is 1 in 9.2 quintrillion [sic]. A lot of zeroes there. Quintrillion [sic]." (Via CNN)

Worth a shot, right? As one Sports Illustrated writer notes, "In this tough economy, it's fair to say that we could all use an extra billion dollars."