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Best bracket 12-year-old: My age shouldn't matter

Thought your bracket was a good one? Think again.

Sam Holtz, a 12-year-old from the Greater Chicago Area, bested more than 11.5 million contestants on ESPN's Bracket Challenge after the Duke Blue Devils beat the Wisconsin Badgers 68-63 in Monday's NCAA tournament championship game, the sports network told CNBC.

"The best part probably ... [is] bragging rights and everything like that to all my friends," Sam said Wednesday in a "Squawk Box" interview.

Nevertheless, Holtz will not be able to reap all the benefits that come from winning the contest.

According to ESPN's website, the top 1 percent of contestants are entered into a random drawing for the grand prize: A trip for two to the 2015 Maui Jim Maui Invitational tournament and a $20,000 Best Buy gift card.

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If his name is drawn, Holtz will not be eligible to receive the prize since the contest requires entrants to be at least 18 years old, ESPN said. He entered the contest with his father's consent and email account.

"I feel pretty bad about it," Holtz said. "I beat everyone that was older than me. Since I did that I think I should get the prize somebody older than me is getting."

Butch Holtz, sitting next to his son, told "Squawk Box" on Wednesday: "There have been a lot of haters out there already, saying I screwed this up," by not putting Sam's bracket in his name.

"But I really didn't think he'd come close to winning this thing." Butch also said he didn't even know his son was in the running until last Thursday. "I kind of teased him about his picks [before that]."

Arguing that Sam should be eligible for prize, Butch said: "How many people would have their kids fill out a lottery ticket with numbers, but the parents still has to go in there to buy the lottery ticket. It's kind of the same thing. But I guess ESPN felt it shouldn't give it to a kid."