The Red Devils took a 2-0 lead, but were pegged back late on thanks to own goals from Tyrell Malacia and Harry Maguire.
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While a draw was probably fair based on the balance of play, there's a suggestion that the club could have secured a comfortable victory had they seized the initiative in the game, something club legend Schmeichel illustrated post-match.
Speaking to the BBC, he said: "It's a fair enough result, the way that it developed in the second half.
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"The players of Manchester United have missed a very good opportunity here.
"A few players today need to have a look at themselves and think about whether they are contributing to the team enough.
"There are a few players who should be embarrassed with their performances."
However, he did reserve some praise for players.
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"De Gea played well, he made two fantastic saves, could not do anything about the goals. He kept Man United in the lead to no avail.
"Casemiro came back and played really well as well.
"The best player is the guy who scored two goals, Marcel Sabitzer was really good. His teammates have let him down. He showed the way and they didn't catch on to it.
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"It's 2-2 and as a Man United supporter, I'm really disappointed. This could and should have been a 5-0 win," Schmeichel added.
The goalkeeper won the Champions League with United in 1999 but says his former side are far from being a top European side again.
"I was saying they needed to go for the third goal with 28 minutes played. They needed to up the tempo and get the crowd going again.
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"That is a ability that they haven't got and it is necessary if you want to build yourself into a top European team.
"Every time Man United have been successful in Europe, they have had that so that is something that ten Hag needs to add to the squad.
"It was a little bit casual. Sevilla were too average in the first half and that made it too easy. Nothing is easy in top European football.
"No-one gets to this point by luck or being a bad team. Any team that gets an opportunity will take it and they did. Fair dos to Sevilla.
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"That is my worry, the lack of ability to manage the game. We have seen this a couple of times this season. That is something that ten Hag needs to add to this team."