Employees at Warren Buffett's Berkshire Hathaway have the chance to score some serious cash off the company's billionaire founder this March.

In an interview Monday with CNBC's "Squawk Box," Buffett said his company will give $1 million a year for life to any employee who guesses which teams will play in the NCAA men's basketball tournament's round of 16, or "Sweet 16."

"Last year, we had two fellows that tied - one of them knew a lot about basketball, the other didn't know anything about basketball - but they each got $50,000 out of it," Buffett said.

Buffett also said he expects more than 100,000 contest entries, topping last year's more than 85,000.

The tournament starts March 14 and concludes April 3.

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