College Basketball Coach Tony Bennett Retires: "I'm Very Sure That This Is the Right Step"

It's the end of an era for the University of Virginia men's basketball team.

On Friday, Oct. 18, 2024, head coach Tony Bennett, who led the team to victory in the NCAA Championship in 2019, announced his immediate retirement.

The news caught many off guard, particularly since Tony Bennett had signed a contract extension earlier this year that would have kept him in Charlottesville through April 2030.

He leaves behind an impressive legacy marked by success, and of course, significant financial gains. So, what is coach Tony Bennett's net worth? Here's what we found.

As of now, coach Tony Bennett's net worth is an estimated $11 million. His reported annual salary at the University of Virginia was over $3 million, placing him among the highest-paid college basketball coaches in the nation.

In a surprising turn of events, his net worth could potentially be higher. For those unaware, after winning the NCAA Championship, Tony made headlines in 2019 when he declined a substantial pay raise. Instead, he asked the university to invest that money in his staff and the basketball program.

"Laurel and I are in a great spot, and in the past, I've had increases in my contract," Tony said at the time. "We just feel a great peace about where we're at, all that’s taken place, and how we feel about this athletic department and this community and this school. I love being at UVA."

He added, "President Ryan and [athletics director Carla Williams] were very gracious in what they offered to me as a potential contract, but I have a very good contract. I have more than enough, and if there are ways that this can help out the athletic department, the other programs, and coaches, by not tying up so much [in men's basketball], that's my desire."

At a press conference on Friday, October 18, Tony tearfully announced his retirement. He shared that after the 2023-24 season, he began contemplating stepping away. Now, he feels it's time to officially step down, stating he's "no longer the best coach to lead this program in this current environment."

"It wasn't until fall break when Laurel and I went away and just kind of processed what the future would be. And that's where I came to the realization that I can't do this," Tony explained. "It's not fair to these guys, to this institution I love so much, to continue on where you know you're not the right guy for the job."

He noted that he feels ill-equipped to coach in this new environment, emphasizing that it would be a disservice to keep going: "I'm very sure that this is the right step," he stated. "I wish I could've gone longer. I really do. But it was time."

Tony shared that he's "at peace" with this decision, adding, "When you know in your heart it's time, it's time."

As for what's next, Tony expressed his desire to stay involved. He told the media, "If there's a way that I can assist here part-time with long vacation time," he laughed, "if I can assist this university in any way [I will]. I'm not leaving."