The 55-year-old, who did praise both Juventus and Roma, also lashed out at club owners for their "scandalous" decision to invest in players rather than stadia for years
Roma have pushed Juventus all the way in this season's title race but the Bianconeri are still poised to claim their third consecutive Scudetto as they sit eight points clear of Rudi Garcia's resurgent Giallorossi with just four rounds remaining.
Malago has been impressed by the pair's consistency but he feels that the rest of the league are lagging far too far behind.
"What is coming to an end has not been a great championship, even if Juventus have been monstrous and Roma fantastic,” he told Radio Anch’io Lo Sport.
“For too many months the positions in the League have been locked in a season which has been below par, as has also been shown by the Italian clubs’ path in Europe.
“This year clubs do not need 40 points to avoid relegation, they can achieve survival with a lot less.
“There have been so many games that haven’t been pretty, topped with a spectacle in front of quiet stadia.
“Certainly compliments should be made to Juve and I wish them luck to win the Europa League. Roma have been great, but with those numbers they had to win a championship. We must do something."
Indeed, Malago, whose CONI organisation is charged with the development and running of sport in Italy, feels that it is high time that there was proper investment in Italian football stadia.
“You have to wonder why a few years ago the league was the best in the world and now we have slipped back," he stated.
“We do not have the money of the sheikhs who have bought big clubs abroad, so we need to find alternatives, with an intelligent policy.
“If I think back to years ago, when our football was at the top, instead of squandering nefarious amounts on signings, Presidents could have invested a few million in stadiums. It was a scandalous choice.”