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Warren Buffett promises lifetime payout for perfect weekend bracket

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Warren Buffett offers lifetime payout for perfect Sweet 16 bracket (1:59)

Mike Golic and Adnan Virk react to Berkshire Hathaway CEO Warren Buffett offering his employees a lifetime payout for a perfect Sweet 16 bracket. (1:59)

Warren Buffett is no longer offering a March Madness bracket contest to the masses, but people who work for any of his companies are in luck.

The Berkshire Hathaway CEO announced on CNBC on Monday morning his Ultimate Office Bracket Contest. The employee with the most correct picks through this year's Sweet 16 will win $100,000, and any employee who guesses every pick in the first two rounds correctly will win $1 million a year for life. There is no cost to enter.

This is not the first time Buffett has been connected to a bracket contest. Two years ago, Buffett teamed with Quicken Loans to offer $1 billion to anyone who picked a perfect bracket. With odds of 1 in 9.2 quintillion, no one won.

The odds of getting the first 48 games right are better, but it's unlikely a Buffett employee will be able to pull it off. Over the past six years, 48 million brackets were submitted to ESPN's Tournament Challenge. Only one bracket got the first round (the first 32 picks) correct.

Companies under the Berkshire umbrella include Brooks, the Omaha World-Herald, Dairy Queen, Duracell, Fruit of the Loom, Benjamin Moore and NetJets. Buffett is third-richest man in the world. Forbes tabs his net worth at $62.1 billion.