ALBEMARLE COUNTY, Va. (WRIC) -- Tony Bennett, head coach for the University of Virginia's (UVA) Men's Basketball Team, held a press conference on Friday morning to discuss his recently announced retirement. The university announced Bennett's retirement on Thursday, Oct. 17, less than a month before the Cavaliers' first regular-season game at Campbell University on Nov. 6. "I looked at myself and I realized I'm no longer the best coach to lead this program in this current environment," Bennett said during Friday's press conference. "And if you're gonna do it, you've got to be all-in, you've got to have everything. And, if you do it half-hearted, it's not fair to the university and those young men." Bennett has been coaching with the Cavaliers since 2009 and led the team to their first and only NCAA National Championship in 2019. In June, he signed a contract extension which would have kept him with the team until at least 2030. Bennett said he considered stepping away from the team after the "hard ending" to last season -- where they lost by 25 points to Colorado State University in the First Four round of the NCAA Tournament -- but felt encouraged by the team's successful offseason and ultimately decided to sign the contract extension. Bennett said that he came to the realization that it was time for him to step away during the university's fall break, which took place from Saturday, Oct. 12 to Tuesday, Oct. 15. "I didn't know it would happen like this, but like I said, when you know in your heart it's your time, it's your time." Bennett referenced the changing landscape of college athletics as one aspect that contributed to his change in outlook, but clarified that he does not oppose college athletes getting paid. "I think it's right for players, student-athletes, to receive revenue, please don't mistake me," Bennett said. "But the game and college athletics is not in a healthy spot. It's not and it needs to change." Bennett said he is concerned about the mental health of student-athletes negotiating with schools for pay, as well as the lack of regulation in the NCAA compared to professional sports leagues with regard to payment. "There's got to be collective bargaining, there has to be a restriction on the salary pool that teams can spend, there has to be transfer regulation," said Bennett. "There has to be some limits on the agent involvement to these young guys." Bennett spent much of the press conference praising his staff and crediting them for much of the team's success, going on to say he wants a member of his staff to take over leading the team. According to UVA's SB Nation affiliate, the university has named former associate head coach Ron Sanchez as acting head coach. This is a developing story, stay with 8News for updates.