Tyra Banks Reminisces on the 'Bittersweet' End of 'Top Model,' Dishes on Chrissy Teigen's Baby

'It's time,' the 'FABLife' host tells ET of ending of her modeling competition show.

Tyra Banks revolutionized the reality competition genre when she created America’s Next Top Model in 2003. Now, after 12 years and 22 cycles, ANTM is ending.

"I think it's time," Banks told ET at The Paley Center for Media’s Hollywood Tribute to African-American Achievements in Television in Beverly Hills, California on Monday. "You want to leave when you're on top. Then what are we going to do?"

Creatively, Banks explained, the show seems to have run its course.

"We've done girls, guys, guys and girls, I can't do children," she continued. "As much as people want that, that's just not so ethical. It's like, ‘Five-year-old show me your smize! You're not fierce.' I don't think that works."

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The 41-year-old supermodel-turned-media mogul presented an award at Monday’s event, and opened up about ANTM’s contribution to the worlds of television and fashion.

"I think Top Model's biggest impact is expanding the definition of beauty," she explained. "It's why I started the show. I knew me telling an alabaster-skinned girl or an ebony-skinned girl, every single week, that she is the most beautiful thing and she didn't necessarily hear that -- or a girl with frizzy red hair and freckles or a girl with a huge forehead and knock-a-knees -- that she was fierce and edgy and cool [is important]. And I really think that has changed the face of what people think is beautiful around the world. So for that, I'm very thankful I was able to have my show."

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Banks isn’t slowing down anytime soon. She’s still plenty busy as the executive producer and host of daytime talk show FABLife, which features co-hosts Chrissy Teigen, fashion expert Joe Zee, DIY YouTube star Leah Ashley, and interior designer Lauren Makk.

"Daytime is hard! Every single day," Banks exclaimed of the new venture. "It's very time-consuming, with creatives and being an executive producer and being on the show. But one thing I do love is now I have people there like Chrissy and Joe, Leah and Lauren, so I'm not by myself, which helps a lot."

While the future of the show is still up in the air, their panel is already expanding, as Teigen and husband John Legend announced earlier this month that they’re expecting their first child together.

"I'm so happy!" Banks said of her co-host’s big news. "So happy she could tell the world because we knew as a family and the fact that she could tell the world now, it's good. It's going to be like our FAB baby."

WATCH: Chrissy Teigen Discusses Fertility Struggles With Emotional Tyra Banks: 'Stop Asking Me!'