Often times money is involved in March Madness bracket competitions -- but not $1 billion.

83-year-old billionaire Warren Buffett, who is currently said to be the fourth richest person in the world, is going all in with this year's college basketball tournament -- so much so that he, along with Quicken Loans, will be offering a whopping $1 billion prize to the person who is able to successfully predict the results of each and every March Madness basketball game this year.

"It is our mission to create amazing experiences for our clients," Quicken Loans' Jay Farner said. "This contest, with the possibility of creating a billionaire, definitely fits that bill. We decided a billion dollars seems right for such an impressive feat."

The Dallas Morning News is reporting that only one person per household will be allowed to enter the competition and there is a limit of 10 million competitors.

However, it may not be simply one prize for one winner. If nobody is able to accurately predict the outcome of each March Madness basketball game, $100,000 will be given to 20 contestants who have the most accurate bracket.

If a person is able to predict everything correctly, the options are to receive the $1 billion prize over the course of 40 years in payments over $25 million per year or a lump sum payment of $500 million, according to the Atlanta Journal Constitution.

Dan Gilbert, founder of Quicken Loans and owner of the Cleveland Cavaliers, is also offering money to winners. The company will be donating $1 million to nonprofit education organizations in Detroit and Cleveland.

Will you be one of the many people who will take a shot at the competition? Which team do you think will win it all? Let us know in the comments section below.