(CNN) Has Tony Bennett ever seen "Jerry Maguire?"

You have to wonder if the Virginia head basketball coach has ever viewed the 1990s Tom Cruise flick, famous for its "show me the money" catchphrase.

Because in a recent contract negotiation, Bennett was shown the money ... then he turned it down.

Bennett, who led the Virginia men's basketball team to its first national title earlier this year, declined what the university described as a "substantial" raise. Instead the coach asked that financial investments be made to improve the basketball program he's run for a decade, and other sports under the school's athletic program.

"This just does not happen in our industry," said Virginia athletic director Carla Williams, who was tasked with making revisions to Bennett's contract.

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