Mitt Romney’s announcement that he won’t run for president will be a good thing for the Republican Party, Bill O'Reilly said tonight.

Most of the Republican contenders have a chance, O’Reilly said, adding that it would be worthwhile for them to look back and see why Romney lost the last time around.

“I don’t believe Mitt Romney really wanted to win the presidency,” O’Reilly said. “It could have been subconscious, but no aggressive candidate would do what he did.”

“The Factor” host remarked that Romney did not exploit Barack Obama’s trouble with the economy and his unraveling foreign policy.

O’Reilly said that the 2016 Republican candidate will have to be charismatic, daring and coherent to go up against Hillary Clinton.

“It’s actually a good thing for the Republicans that Mitt Romney is not running,” O’Reilly said. “Now, somebody new will be on the big stage, but they'd better be ready for a bruising battle.”

Watch the full memo above.