Warren Buffet to award $1M a year to employee who wins March Madness contest

(CNN) — Omaha billionaire investor Warren Buffett wants to give somebody one million dollars a year for the rest of their life–but there is a catch.

Once again, the Berkshire Hathaway CEO is holding a March Madness men’s college basketball bracket contest.

The rules are simple. Anyone who can pick the last 16 teams in the tournament will win a million dollars a year for life. But to play, you have to be an employee at Berkshire Hathaway.

About 100,000 Berkshire employees completed brackets in previous years. Last year, not a single worker won the contest.

In fact, none of them got past the first round of the 68-team tournament thanks to numerous upsets.

Eight employees who survived the longest split a $100,000 consolation prize.