We've done this in the past, and I'm happy to do it again if anybody is interested. Here are the rules:
1) Starts with the "round of 64." No picks for the play-in games
2) Choose one team in the round of 64 that you believe will make it to the round of 32, and make the pick
3) If the team you chose loses the game, you are out of the contest
4) If they win, pick a team from the round of 32 that you believe will make it to the Sweet Sixteen
5) If they lose, you are out
6) If they win, pick another team.
And so on and so forth. Picks must be made before play is begun for each round. That leaves a short turnaround, for example, between the Round of 64 (which ends at about midnight on Friday) and the Round of 32 (which starts at about noon on Saturday). If your pick is not in before play begins, you are out.
No picking of any of the 1, 2, or 3 seeds in the Round of 64 or the Round of 32, but any pick is OK thereafter.
Winner is the participant who accrues the most points. Points are awarded from round to round based on the seed of your pick. For example, if Bob picks a 6 seed in the round of 64 and Harold picks an 8 seed, and both their teams advance, Harold gets 8 points and Bob gets 6. John, who picked a 12 seed that lost, gets zero and is out.
If Warner picks a 15 seed in the first round and the team wins, he gets 15 points. His second round pick loses. Steve picks a 4-seed in the first and second rounds, and they win, for 8 points. In the third round he picks a 1-seed and so on all the way to the title game. His point total is 8 + 4, which is only 12. Warner, even though he only made one correct pick, beats Steve.
If you are interested, just make your Round of 64 pick prior to the start of play on Thursday.