Reigning champions PSG defeated Bayern Munich 5-4 in the semi-final first leg at the Parc des Princes.
Former Arsenal and Barcelona forward Henry, now a pundit for CBS Sports, argued the match was a corrective to what he had seen from the game over the past two years.
"We've been talking about how we watch a lot of teams that do not take any risks," Henry said. "Wingers that don't dribble, people that don't go forward, thinking about not losing the game instead of winning it. Well tonight, we had plenty of risk situations."
Henry was clear that professional habit might demand a forensic review of the goals conceded, but insisted that was beside the point.
"Maybe if you have your defensive hat on, you'll go crazy on some stuff you saw tonight. But I don't care. That game wasn't boring, and I think everybody at home enjoyed themselves. It's just crazy — that's a score you see normally on aggregate at the end of a tie."
Schmeichel, who won the Champions League with Manchester United in 1999, went further, calling the match the finest he had witnessed in person across his entire career.
"I cannot remember having watched a better game ever in my life, live being in the stadium," the Dane said. "The tempo and how it shifted from end to end all the time — it was brilliant."
His only caveat was a penalty awarded deep in first-half stoppage time, converted by Ousmane Dembélé to make it 3-2 to PSG going in at the break.
Carragher, who won the competition with Liverpool in 2005, was equally effusive about the individual performances across both attacks.
"Every attacking player on the pitch was an eight or nine out of ten," the Sky Sports pundit said. "Every attacking player got the better of his counterpart. The attacking play was out of this world."
Amazon Prime pundit Wayne Rooney, who lifted the trophy with United in 2008, summed up the evening in the most direct terms.
"Both teams have got so much quality at the top end of the pitch that they probably forgot to defend a little bit," Rooney said. "It was crazy, it was chaotic, and we saw some great goals."
The second leg at the Allianz Arena takes place next week, with PSG holding a one-goal advantage.