Schmeichel said Jugen Klopp's side deserve to be champions, but claimed they must finish the season to lift the trophy.
Acknowledging Liverpool are deserving of the title, Schmeichel said: “You can't dispute that. What are they, 25 points ahead?
“So really, really sad for them, but you have to finish it. You have to win it, in order to say that you won it.
“I'm not sure, if I was Liverpool, that I would have it handed to me, even though I'm 25 points ahead. One of the biggest results I ever took part in winning was the European Championships in 1992.
“I know this is not the same, but it's along those lines. We weren't even qualified, but we got in there because of the war in Yugoslavia and ended up winning it.
“It stands as one of the biggest results I've ever achieved. But we did play to win it."