The Foxes goalkeeper branded their 3-0 home defeat by Manchester United “unacceptable” after Claudio Ranieri’s men wilted against Jose Mourinho’s side.
Ranieri insisted his players are still behind him despite a fourth successive league defeat placing more pressure on last season’s title-winning manager.
But Schmeichel pulled no punches after three goals in eight minutes either side of half-time from Henrikh Mkhitaryan, Zlatan Ibrahimovic and Juan Mata left the fading champions just a point above the drop zone.
“For 40 minutes we played okay then after that it was unacceptable,” said the Dane. “It is not good enough and sums our season up at the moment.
Kasper Schmeichel told his Leicester team-mates they need to stand up and be counted
Leicester are just one point above the relegation zone
“Let’s not talk about last season. It’s gone. We need to stand up and be counted.
“There are a lot of factors that go into it but this season has not been good right from the start.”
Schmeichel refused to be drawn on Ranieri amid increasing murmuring from supporters and pundits about his future. But he admitted the Foxes will become the first defending champions to be relegated since Manchester City in 1938 unless they improve.
“I am not commentating on newspaper speculation,” he said. “I know what is going on in the dressing room, we are a group of players low on confidence but not low on fight.
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“It is not a comfortable situation. It has been terrible, embarrassing. It is time for each one of us, from the top to the bottom of this club, to be counted. If we don’t we will be relegated.”
Ranieri admitted before yesterday’s defeat that he is not “unsackable” despite masterminding last season’s fairytale title triumph.
But he insisted he is confident the Foxes will keep faith and last night he claimed his players remain with him.
“The dressing room of course is not happy,” said Ranieri, whose team went five points clear at the top a year ago on Monday with a 3-1 win at Manchester City.
“We are very sad. But it is important to react how we were last season – solid, strong and united.
“It is the same this season, but we don’t get the results which makes it harder. But we are ready to fight until the end.
“It is difficult but I am used to fighting and also my players are used to fighting. Always they are fighting in the last 10 years and I am very confident in this.
“Every time we talk about our strength, to be solid, to make a very good performance, but this was a good performance until the two goals.
“When you concede two goals in two minutes it is difficult for this team to come back. Everyone is frustrated.”