According to CNBC, Buffett's Berkshire Hathaway will be insuring the grand prize which will be paid out in 40 annual installments of $25 million each.
In the (even more unlikely) case of multiple winners,the billion would be split by any qualified contest participant who predicts the winners of every game in the men's college basketball tournament, set to begin on March 18. Winners would also be able to choose a lump sum payment instead of $500 million.
According Bleacher Report, the chances of filling out the perfect bracket are one in 9.2 quintillion.
The contest open to U.S. citizens, 21 and older. It begins March 3 and is free of charge. Quicken Loans has yet to provide a URL for the contest website, but you can follow their Facebook for updates.