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

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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

See more of Buffett through the years:

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Warren Buffett just announced a $1 million March Madness contest for Berkshire Hathaway employees
NEW YORK, UNITED STATES: California Governor Arnold Schwarzenegger (L) cofers with billionaire investor Warren Buffet (R) during a meeting with Wall Street investors at the Ritz Carlton hotel February 25, 2004 in New York City. AFP PHOTO/POOL/Kathy WILLENS (Photo credit should read KATHY WILLENS/AFP/Getty Images)
CLEVELAND - MARCH 25: Philanthropist Warren Buffet (C) wears a LeBron James Witness tee-shirt as he cheers for the Cleveland Cavaliers during a game against the Denver Nuggets March 25, 2007 at The Quicken Loans Arena in Cleveland, Ohio. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and/or using this Photograph, user is consenting to the terms and conditions of the Getty Images License Agreement. Mandatory Copyright Notice: Copyright 2007 NBAE (Photo by David Liam Kyle/NBAE via Getty Images)
Warren Buffett, chairman of Berkshire Hathaway Inc., right, speaks to David Rubenstein, co-founder and managing director of the Carlyle Group, during the Economic Club of Washington dinner event in Washington, D.C., U.S., on Tuesday, June 5, 2012. Buffett said he doesn't expect another U.S. recession unless Europe's crisis spreads. Photographer: Andrew Harrer/Bloomberg via Getty Images
DETROIT, MI - SEPTEMBER 18: Billionaire investor Warren Buffett speaks at an event called, 'Detroit Homecoming' September 18, 2014 in Detroit, Michigan. The purpose of the invitation-only event of Detroit expatriats is to give the group a chance to reconnect, reinvest and reinvent with their hometown. The topic of Buffet's conversation was, 'Why I'm Bullish on Detroit.' (Photo by Bill Pugliano/Getty Images)
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