The former Spain international, who made more than 300 appearances for Madrid between 1990 and 2002, spoke on Radio MARCA's Despierta San Francisco programme and did not hold back on a range of subjects from the captaincy debate to the club's institutional management.
On Florentino Pérez, Cañizares acknowledged his positive legacy while drawing a clear distinction between the era that brought seven Champions Leagues and a new stadium and the recent period.
"Florentino has been a magnificent president for Real Madrid. He has built an enormous stadium and has managed to win seven Champions Leagues. But he has had two very bad years of decisions."
He pointed to several examples, including what he described as the handling of last season's Ballon d'Or controversy, the persistence with the European Super League project and the management of internal conflicts.
"When he doesn't sanction Vinicius but instead loses Xabi Alonso, that undermines the general discipline of the club. He takes too long to realise that he doesn't have the support and ends up looking exposed."
The sharpest criticism came on the captaincy question. With Dani Carvajal now departed, the armband will pass to a new generation. Cañizares assessed both Fede Valverde and Vinícius and was unconvinced by either.
"Valverde is a complete professional but he is not a leader. He is not someone who drags people along or solves problems."
Of Vinícius he was considerably more direct.
"Vinicius has a conduct that is completely at odds with what a captain of Real Madrid needs to be. The captain of this club must represent seriousness, dignity and class. That is currently not what he represents."
Cañizares also argued that Carvajal had not been given sufficient opportunity to demonstrate his fitness levels after returning from injury, and that the club had mishandled the farewell of a player who deserved more continuity in his final months.
"With (Luka) Modric, (Toni) Kroos and Carvajal the dressing room was a different place. The current group lacks profiles capable of maintaining order and leading day to day."