Warren Buffett just announced a $1 million March Madness contest for Berkshire Hathaway employees

Warren Buffett: Don't Make This Mistake...
Warren Buffett: Don't Make This Mistake...

Warren Buffett just announced a crazy new March Madness contest for Berkshire employees.

Speaking to CNBC's Becky Quick Monday morning, Buffett announced that Berkshire Hathaway employees will be able to win $1 million a year for the rest of their life if they pick a perfect NCAA Tournament bracket up until the Sweet 16.

This would require someone to pick the entire first three rounds of the tournament right (the NCAA counts the four games played on Tuesday and Wednesday before most people actually consider "March Madness" to have started as the "first round") or 52 games.

Berkshire Hathaway had about 331,000 employees at the end of 2015.

The winner of the tournament will win $100,000 a year for the rest of their life (if there's a tie, the winners will split the $100,000).

Watch Buffett announce the contest here

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