While it's free to compete for the prize, it will undoubtedly be close to impossible to win a new challenge founded by Warren Buffett's Berkshire Hathaway company and Quicken Loans; the NCAA Billion Dollar Bracket Challenge.

The respective challenge also has Yahoo! Sports attached to it as well. If an individual is able to successfully fill out the perfect NCAA basketball men's tournament results bracket, they would land the far-fetched purse.

However, the entrants are only able to give the bracket one try-unlike other contests, which allow for one to fill out multiple brackets. To top if off, the bracket challenge will be capped at 15 million people.

According to The Washington Post on March 17, the odds of winning the billion dollar college hoops prize are "9.2 quintillion-to-1."

However, Jeffrey Bergen, a DePaul University math professor dished to USA Today on March 16 that one's odds could be improved to "one in 128 billion if you know something about college basketball."

While many people are surely unenthused over such a contest that is close to impossible at coming to fruition, there are others that are intrigued by it nonetheless.

Brad Carlin, a University of Minnesota professor of what's called biostatistics, is one of those that are fascinated by the bracket.

"A billion is a big number. It's a bet the bookies won't take," he said.

NCAA's 2014 March Madness Tournament is set to begin on Tuesday, March 18. The deadline to join the contest is March 20. CLICK HERE to enter.  

Tags: NCAA March Madness 2014 sports Billion Dollar Bracket Challenge