Warren Buffett's latest March Madness contest will have employees rooting for Creighton

Warren Buffet smiling

Warren Buffet smiling

If you're an employee that works for Warrant Buffett, you have a chance to walk away with some serious cash for the rest of your life.

To win $1 million a year for life, employees have to guess the Sweet 16 of the NCAA men's basketball tournament correctly.

Buffet says that if a team from his home state of Nebraska wins the National Title he'll up the prize to two million dollars.

"But if either Creighton or Nebraska ends up winning the tournament, we're going to double the prize", added Buffett, a Nebraska native.

"So, instead of $1 million, it'll be $2 million", the chairman and CEO of Berkshire Hathaway told "Squawk Box".

However, employees at Berkshire Hathaway don't have to get the flawless bracket to bring home some extra cash. Buffett gives out $100,000 to the employee who's bracket stays intact the longest.

Last year, a West Virginia factory worker won $100,000 for picking 31 of the tournament's first 32 games. I would hope so!

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