It's more of a shot at Ranieri, hence "Ranieri's squad". Going by Vinman's post and by intuition, I concluded that several people were praising Ranieri for what he did, instead of what Del Piero and Gabriel Heinze did.
Did you not notice that Madrid couldn't string three passes together in the first half, yet in the second half they left the back four shell-shocked? They seemed somewhat sluggish in the first half, and therefore sub-par.