Follow CBSPHILLY Facebook  | Twitter

PHILADELPHIA (CBS) — Billionaire investor Warren Buffett is holding a March Madness bracket contest. He wants to give somebody $1 million a year for the rest of their life.

READ MORE: Temple University Student Samuel Sean Collington Killed In Off-Campus Shooting In North Philadelphia

But there is a catch.

READ MORE: 2 Philadelphia Police Officers, Civilian Injured In North Philadelphia Crash

The rules are simple. Anyone who can pick the last 16 teams in the tournament will win a million dollars a year for life. But to play, you have to be an employee at his company Berkshire Hathaway.

Friendly’s Bringing Back Nor’Eastern Pothole Flavor For Limited Time

MORE NEWS: Jalen Hurts, Eagles Can't Overcome Mistakes In Loss Against New York Giants

Last year, not a single worker won the contest. But eight employees who survived the longest split a $100,000 consolation prize.