DETROIT, Mich. -

Correctly predicting the outcome of every game in the NCAA men's basketball tournament is no layup. There's now a $1 billion prize waiting for anyone able to pull off the feat this spring.

Quicken Loans said Tuesday that it will team with investor Warren Buffett's Omaha, Neb.-based Berkshire Hathaway on the "Billion Dollar Bracket Challenge."

The Detroit-based mortgage lender says any qualified entrant who correctly predicts the winners of every game in the tournament will be paid in 40 annual installments of $25 million.  A winner also can elect to receive an immediate $500 million lump-sum payment or share in that payment if there's more than one perfect bracket submitted.

Submissions are limited to one per household.  Details will be made available on the Billion Dollar Billion Dollar Bracket Challenge website that activates at 12:01 a.m. on March 3.