You need to see Warren Buffett’s bracket offer for March Madness

Warren Buffett will pay $1M per year to any employee with a perfect Sweet 16. (USATSI)

We’ve got an extra day to prepare for the arrival of March this year, but Warren Buffett has already set the stage for what promises to be an exciting season of bracket guesses and office pools across the country. Two years ago, Buffett teamed up with Quicken Loans to offer $1 billion to anyone who picked a perfect bracket. No one won, and this year he’s got an even sweeter deal, though it’s only for his employees.

The Berkshire Hathaway CEO announced his Ultimate Office Bracket Contest on Monday morning on CNBC. According to Buffett, anyone who guesses every pick in the first two rounds correctly will win $1 million per year for life and the employee with the most correct picks will win $100,000.

This prize might sound unusually attainable, but if you do happen to be one of Buffett’s employees, let me caution you that this contest might be tougher than it seems. See getting the right 16 teams is one thing, but picking every game correctly on the tournament’s first weekend is a much more volatile proposition.

Last season, only 0.0025 percent of the brackets being played on CBS Sports were still perfect after the first full day of action. If you remember, the second game of that first day, UAB’s upset of Iowa State, left only 2.9 percent of the brackets perfect and over 75 percent of the country had either Baylor and/or Iowa State, both losers in the first round, in the Sweet 16.

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