UVA men's basketball coach Tony Bennett announced his retirement in a press conference Friday morning. You can watch the full press conference above. CHARLOTTESVILLE, Va. (WAVY) -- Tony Bennett, the winningest coach of UVA men's basketball history, wiped away tears on Friday as he announced his sudden retirement after 15 seasons with the Cavaliers. The 55-year-old said "he's longer the best coach to lead this program in the current environment." Bennett said he just recently realized he needed to step aside, and wanted to do it now to allow one of his staff members to take over. "I didn't know it would happen like this ... but when you know in your heart it's your time, it's your time." pic.twitter.com/leVie4kb9l— WAVY TV 10 (@WAVY_News) October 18, 2024 "If you're going to do it, you've got to be all-in ... if you do it half-hearted, it's not fair to the university and these young men," Bennett added. He said recent changes in the sports landscape such as name, image and likeness (NIL) and the transfer portal were a big factor in his decision. "I think it's right for student-athletes to receive revenue. Please don't mistake me. I do. But the game and college athletics are not in a healthy spot. There needs to be change. ... It's going to be closer to a professional model." He thinks those changes need to include collective bargaining and things like regulations on players transferring. Bennett recently came to the decision after a trip to the Tides Inn on the Northern Neck with his wife on fall break. Though he didn't necessarily plan for the timing to be three weeks before the upcoming college basketball season. "I think I'd have more regrets staying longer and not being able to be all-in ... than stepping away with maybe a little more energy in the tank but giving (the job away with the program) in the right place." He added that the he did want to make sure someone from his staff was able to take over, and said he wants that to be Associated Head Coach Ron Sanchez. The longtime Bennett assistant recently returned to UVA after serving as head coach at Charlotte. Bennett overall said he's at peace with the decision and ready to move on to the next chapter of his life, though he doesn't know what his immediate plans are. "I am at peace. When you know in your heart it's time, it's time." Previous coverage from Thursday below CHARLOTTESVILLE, Va. (WAVY/AP) -- It's a major shock for the world of college sports. UVA men's basketball head coach Tony Bennett, the winningest coach in UVA men's basketball history, announced his immediate retirement a week after he appeared at the Atlantic Coast Conference's preseason media days, and less than three weeks before the Hoos' 2024-25 season opener against Campbell at home Nov. 6. UVA Athletics confirmed the news first broken by Jeff Goodman, but didn't share why Bennett has decided to retire. Goodman later confirmed there were no health issues that factored in Bennett's decision, which was likely due to recent shifts in the college sports landscape. Bennett has talked about the challenges brought by NIL and the transfer portal, and how he's had to adjust. UVA said Bennett, 55, who just signed a multi-year extension over the summer, will make the formal announcement in a press conference at John Paul Jones Arena at 11 a.m. Friday. BREAKING: Tony Bennett to announce his immediate retirement in a press conference on Friday at 11 a.m. pic.twitter.com/jw9HYtyYaq— Virginia Men's Basketball (@UVAMensHoops) October 17, 2024 Bennett, a three-time National Coach of the Year, led the Cavaliers to a 364-136 record in 15 seasons, winning the program's only men's basketball national title in 2019. He was voted AP national coach of the year twice, once at Washington State in 2007 and at Virginia in 2018. He also boasts two ACC Tournament titles, six ACC regular-season championships and 10 NCAA tournament appearances. Bennett is among a handful of legendary college coaches to announce their retirement in recent years, including ACC icons Roy Williams, Mike Krzyzewski and Jim Boeheim. Dean Smith announced his retirement on Oct. 9, 1997, so this is surprising, but not completely unprecedented.— Shane Mettlen (@Shane_DNRSports) October 17, 2024 Jay Wright, who led Villanova to national titles in 2016 and 2018, abruptly retired himself at age 60 back in 2022. ESPN's Jeff Borzello said he recently talked to Bennett about the possibility of retiring like Wright, and Bennett gave this response: I asked Tony Bennett literally last week why so many people thought he could be the next Jay Wright and suddenly retire out of nowhere.His response, verbatim: "I gotta call Jay Wright and see what he says, right? I always have said, when you're doing this, you're in this…— Jeff Borzello (@jeffborzello) October 17, 2024 The news sent shockwaves around the college athletics landscape, with coaches across the country sharing praise for Bennett. "College basketball just lost a man with incredible class, humility, and dignity," said St. John's head coach Rick Pitino. "Tony Bennett is an awesome teacher of our game. You will be deeply missed!" "We’re losing someone that belongs on the Mount Rushmore of college basketball the last two decades," Liberty head coach Richie McKay told sportswriter Mike Barber. UVA was picked to finish 5th in the ACC this season after going 23-11 overall in 2023-24, with a 13-7 conference record. Bennett's replacement, meanwhile, has also yet to be announced, though it could be associate head coach Ron Sanchez. He returned to UVA's staff in June 2023 after serving as Charlotte's head coach from 2018-23. Bennett's other associate head coach, Jason Williford, could also take the helm. The former UVA player has been with the program for 16 years. Bennett played in college for his father at Wisconsin-Green Bay, then was a second-round pick of the NBA's Charlotte Hornets in 1992 and spent three seasons with the team.