• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia
LifestyleNCAA March Madness

Warren Buffett once offered $1 billion to any Berkshire Hathaway employee who could pick a perfect March Madness bracket. What to know about college basketball’s biggest tournament

By
The Associated Press
The Associated Press
and
Bridget Brown
Down Arrow Button Icon
March 17, 2025, 11:02 AM ET
Warren Buffett once offered his Berkshire Hathaway employees $1 billion in 2014 if any of them picked a perfect March Madness bracket.
Warren Buffett once offered his Berkshire Hathaway employees $1 billion in 2014 if any of them picked a perfect March Madness bracket.Eric Francis/Getty Images

The college basketball season is winding down, which means March Madness is upon us.

Recommended Video

The annual men’s and women’s National Collegiate Athletic Association tournaments are among the most closely watched sporting events in the U.S.

No matter how much you know about college basketball — if you’re looking to follow the fun, make your own bracket, or even just understand what all the fuss is about — here are some key things to know.

What is March Madness?

It’s the basketball world’s term to reference the upsets, chaos, remarkable plays and historic moments that are sure to happen in postseason tournaments.

It all starts with teams playing a tournament against the other schools in their conference, which is the division that a school competes in during the regular season. One slip up there and a team could find itself “on the bubble,” or at risk of missing the ensuing NCAA Tournament.

And it ends with the ultimate prize: a school being crowned the champion as “ One Shining Moment ” is played over the airwaves.

The first NCAA Tournament in 1939 consisted only of eight men’s teams. Today, it’s a 68-team bracket that includes multiple single-elimination rounds.

The women’s tournament was formally added to the NCAA championship program in 1981, following the same format as the men’s. Typically, both championship games are scheduled for the same weekend in different cities.

The teams are selected, seeded and placed in a bracket by an NCAA committee made up of 12 members. The brackets are broken up into four regions: Midwest, East, South and West.

The goal of the committee is to create a bracket that’s equally competitive in each region.

The bracket formation process takes place the Sunday before the tournament begins, known as Selection Sunday.

Why is it called March Madness?

The term “March Madness” was first used by Henry V. Porter, a high school official in Illinois, in 1939. But the term wasn’t officially used in reference to college basketball until 1982, when CBS broadcaster Brent Musburger used it during that year’s coverage.

Most of the tournament rounds have adopted their own names as well. There’s the First Four, Sweet 16, the Elite Eight, and of course, the Final Four.

Why do I hear so much about March Madness brackets?

Every year, millions of people fill out their own brackets in hopes of correctly guessing who will win each round. It’s a nationwide phenomenon that takes over offices, families and friend groups, with spectators and sports bettors competing to see who will have the most accurate bracket.

A huge reason why March Madness is so popular is its unpredictability. Lower-seeded teams regularly beat the higher-seeded ones, throwing brackets and predictions completely out of the window.

How is the bracket created?

Thirty-one of the 68 teams automatically qualify to play in the NCAA Tournament because they won their respective conference tournaments. The remaining 37 teams are chosen by that 12-person committee mentioned earlier.

Next, the committee will seed all of the teams. It determines seeding by wins, losses, strength of schedule and other metrics.

The teams are seeded 1-16 within each of the four regions. The top-seeded team will play the bottom-seeded team, and so on.

In 2011, when the tournament expanded from 64 to 68 teams, it also introduced the First Four round. That pits the four lowest-seeded automatic qualifiers and the four lowest-seeded at-large teams against each other. The winners enter the traditional bracket.

What if I fill out a perfect bracket?

Well, you’d be the first.

The odds of doing so are pretty absurd. The closest anyone has ever gotten on the men’s side was an Ohio man in 2019 who predicted the entire tournament into the Sweet 16.

If you do happen to make a perfect bracket, there could be more in it for you than just bragging rights.

Perfect bracket pickers have been offered as much as $1 billion. That’s the figure Warren Buffett offered to his Berkshire Hathaway employees in 2014 if any of them picked it perfect.

How can I watch the tournament?

Every game of the men’s and women’s tournaments will be broadcast live. The men’s will air on CBS, TBS, TNT or TruTV and their digital platforms, including Paramount+. CBS will handle the Final Four and national title game. The women’s will air on ESPN’s networks and streaming services with select games on ABC.

Selection Sunday is on March 16, the Sunday before the First Four, beginning at 6 p.m. ET.

Join us at the Fortune Workplace Innovation Summit May 19–20, 2026, in Atlanta. The next era of workplace innovation is here—and the old playbook is being rewritten. At this exclusive, high-energy event, the world’s most innovative leaders will convene to explore how AI, humanity, and strategy converge to redefine, again, the future of work. Register now.
About the Authors
By The Associated Press
See full bioRight Arrow Button Icon
By Bridget Brown
See full bioRight Arrow Button Icon

Latest in Lifestyle

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • Future 50
  • World’s Most Admired Companies
  • See All Rankings
Sections
  • Finance
  • Leadership
  • Success
  • Tech
  • Asia
  • Europe
  • Environment
  • Fortune Crypto
  • Health
  • Retail
  • Lifestyle
  • Politics
  • Newsletters
  • Magazine
  • Features
  • Commentary
  • Mpw
  • CEO Initiative
  • Conferences
  • Personal Finance
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
About Us
  • About Us
  • Editorial Calendar
  • Press Center
  • Work At Fortune
  • Diversity And Inclusion
  • Terms And Conditions
  • Site Map

© 2025 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.


Most Popular

placeholder alt text
Success
Gen Z could wave goodbye to résumés because most companies have turned to skills-based recruitment—and find it more effective, research shows
By Orianna Rosa RoyleDecember 29, 2025
2 days ago
placeholder alt text
Europe
George Clooney moves to France and sends a strong message about the American Dream
By Nick LichtenbergDecember 30, 2025
17 hours ago
placeholder alt text
Arts & Entertainment
Gen Zers and millennials flock to so-called analog islands 'because so little of their life feels tangible'
By Michael Liedtke and The Associated PressDecember 28, 2025
3 days ago
placeholder alt text
Law
YouTuber’s viral ‘Somali day care’ video spurs sweeping federal fraud probe in Minnesota as Walz defends oversight of $18 billion
By Nick LichtenbergDecember 30, 2025
21 hours ago
placeholder alt text
Success
African millennials and Gen Z are quitting their big-city dreams to go make more money back on the farm
By Mark Banchereau and The Associated PressDecember 29, 2025
2 days ago
placeholder alt text
C-Suite
Exiting CEO left each employee at his family-owned company a $443,000 gift—but they have to stay 5 more years to get all of it
By Nick LichtenbergDecember 30, 2025
18 hours ago

Latest in Lifestyle

Trump
PoliticsMusic
The resistance is jazzy: Trump’s renaming of Kennedy Center continues to blow up in his face as musicians revolt
By Meg Kinnard and The Associated PressDecember 30, 2025
16 hours ago
Teddy Roosevelt Terrier
North AmericaAnimals
Meet the Teddy Roosevelt terrier, one of the American Kennel Club’s new dog breeds for 2026
By Jennifer Peltz and The Associated PressDecember 30, 2025
16 hours ago
Clooney
EuropeMoving
George Clooney moves to France and sends a strong message about the American Dream
By Nick LichtenbergDecember 30, 2025
17 hours ago
SuccessCareer Advice
New billionaire Beyoncé’s advice for success starts with saying ‘no’ more: ‘If I’m not going to sleep dreaming about it, it’s not for me’
By Ashley LutzDecember 30, 2025
18 hours ago
AISocial Media
This 22-year-old college dropout with an AI powered YouTube empire makes $700,000 a year and works just 2 hours a day
By Eva RoytburgDecember 30, 2025
20 hours ago
streaming
LawMedia
The Netflix-Paramount saga caps a 2025 turning point, S&P says: Cable TV is in the ‘decline stage,’ with a long, slow bleedout ahead
By Nick LichtenbergDecember 29, 2025
2 days ago