Warren Buffett Offers Employees $1 Million for Life for Perfect Sweet 16 Bracket

Matt FitzgeraldCorrespondent IIIFebruary 29, 2016

Billionaire investor Warren Buffett speaks at an election event for Democratic presidential candidate Hillary Clinton, in Omaha, Neb., Wednesday, Dec. 16, 2015. (AP Photo/Nati Harnik)
Nati Harnik/Associated Press

Billionaire Warren Buffett is upping the stakes for March Madness, saying in a CNBC interview Monday he'll give $1 million a year for life to any employee at his companies who has a perfect NCAA tournament bracket through the first two rounds.  

ESPN.com's Darren Rovell reported the news of Buffett's Ultimate Office Bracket Contest. Also part of the deal: Whichever Buffett employee has the most correct picks through the Sweet 16 will win $100,000.

Buffett previously offered $1 billion to anyone who still had a perfect bracket after the tournament champion was crowned in 2014, but no one claimed the grand prize.

CNBC Now passed along the video of Buffett announcing the friendly competition that is devoid of an entry fee:

Buffett, 85, is the CEO of Berkshire Hathaway, which has multiple companies under its umbrella and therefore a large pool of potential participants.

Given his raging success as an investor and estimated Forbes net worth of $62.1 billion, per Rovell, Buffett has some change to spare for his own bracket challenge.

Odds are, he won't have to make the annual million-dollar payment, though. According to Rovell, there's only been a single flawless bracket in the past six years through the Round of 32, much less one that correctly predicted the entire Sweet 16 lineup.

The Big Dance is always full of Cinderella stories and upsets; the single-elimination format, equalizer of the three-point arc and foul trouble make anything possible over the course of 40 minutes.

Last year featured two No. 14 seeds, Georgia State and UAB, scoring shocking upsets in their NCAA tournament openers. Those two contests alone exploded bracket perfection bids for 98.1 percent of ESPN.com entries.

There's no telling what kind of shenanigans will upend a perfect two-round bracket bid this year, but history says it's bound to happen to all who dare to enter Buffett's bracket contest.