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Warren Buffett is Not Giving an Employee $1 Million Annually For Winning the Berkshire Hathaway Bracket Group

Stephen Douglas
Warren Buffett, Bill Gates and Ludacris at the 2008 State Farm USA Basketball Challenge: USA v Canada.
Warren Buffett, Bill Gates and Ludacris at the 2008 State Farm USA Basketball Challenge: USA v Canada. / Ethan Miller/Getty Images

Warren Buffett's Berkshire Hathaway is having their annual March Madness bracket challenge after skipping last year because there was no tournament. This year the Berkshire office pool sounds quite profitable as some are suggesting the winner will receive $1 million per year for life. This is inaccurate as I will explain below.

The winner of the bracket competition will not be given a million dollars annually. In fact, the prizes have nothing to do with who wins the company bracket challenge. The person who goes the longest in the round of 64 without losing a game will win $100,000. And you don't have to win to earn a million dollars either. Via Yahoo! Finance / Bloomberg:

"The prize money is increased to $1 million if an employee picks all first-round games correctly and further upped to an annuity paying $1 million for the rest of that employee’s life if both first-round and second-round games are chosen correctly."

As with previous challenges, the prize will double if the Creighton Blue Jays win the tournament. Creighton is the 5-seed in Gonzaga's region.

Technically, if a person did pick a perfect bracket through two rounds they could win a million dollars annually and still not even come in first in the competition if their bracket fell apart on the second weekend. Imagine how pissed off the winner of the pool would be. Some lucky dude (or dudette) who finished in second or third place is set for life while the winner gets a Berkshire Hathaway windbreaker, $100 Dairy Queen gift card, an extra 15 percent off their car insurance from GEICO, and the opportunity to host a Pampered Chef party without paying any fees. Doesn't seem fair, but it's extremely unlikely to happen anyway.