To be truthful, the statement that "Warren Buffett is offering $1 billion" is a little disingenuous in this situation. What's really happening, according to USAToday, is that Quicken Loans is holding the competition with Buffett's company, Berkshire Hathaway, to pay the eventual prize. Buffett is doing it because Quicken will actually pay his company a premium as insurance on the prize, which almost certainly won't be claimed. Should it be, however, the winning bracketer will have two options: $25 million per year for 40 years (that's $1 billion) or $500 billion in a lump sum. Anyone with knowledge of the time value of money knows that although $25,000,000 x 40 = $1 billion, it's not really $1 billion in today's dollars since you're having to wait so long to get it. I haven't done the math on it yet (nor do I care to), but I think I'd personally have to go with the $500 million lump sum. I want my money and I want it now.
I'm curious what the denizens of ODB would do with that kind of money should you win it. In the comments, give me your best spending plan for the "$1 billion". There are no limitations. You can give to charity, to Baylor, to whoever, or you can build a giant Scrooge McDuck-style tower. I should warn you, however; if you try to swim in gold coins, you will hurt yourself.