Leicester lost 2-1 to Sevilla in their round-of-16 first leg before winning 2-0 at home to go through 3-2 on aggregate, and Schmeichel vowed they will not give up.
Andy King, who came on during the break, explained exactly how Leicester stopped Griezmann.
"We came to try and get the away goal but we have seen what a top team Atletico Madrid are".
"The referee has to get that one right". It seems they were betting everything on the second leg.
"This time, multiply that by the possibility of a semi-final place in the Champions League". We had a few on yellows and we knew it was a tightrope.
"The message is that mentally and physically we have been in a game and have given a good account of ourselves".
The fans and former players relived their memories of Leicester's past, from both on and off the field, and discuss the chances of the club's fairytale continuing with an unlikely appearance in the last four of the Champions League.
"We knew that to open their defence, long shots were an option so we tried to pull it off".
At second glance it did look to be outside the area but Jonas Eriksson stood firm, Griezmann has had a poor record with spot kicks in the a year ago but made no mistake as he sent Schmeichel the wrong way.
Wes Morgan has been ruled out of Leicester City's trip to Crystal Palace on Saturday and is rated at only 50/50 for their Champions League clash with Atletico Madrid on Tuesday.
For all of Atletico's dominance, they hold the slenderest of leads courtesy of Antoine Griezmann's contentious first half penalty, awarded for a foul on the Frenchman by Marc Albrighton, despite replays showing the initial contact was outside the box.
"They have some big players out, the pressure of playing league games at the end of the season, these are the challenges you face at this stage of the competition".
"We have to create more chances, we have to attack probably a bit more than we did tonight, but we are aware of what we need to do in the second leg".
Leicester had enjoyed a good spell of possession, but were caught on the break by the hosts as Griezmann ran nearly the length of the pitch before being brought down by Mark Albrighton at the edge of the penalty area.
"We're still in the tie and that was the aim".
But the defender was booked minutes later when he clipped Koke and will now be banned for the second leg.