A combination of a size small and medium worn by someone who should have a minimum of a large
Jason was working on a camaro and wanted to look tough so he wore a schmedium
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a size inbetween small and medium.
look at that sissy lookin ass wearing a schmedium.
or
wow, that guy in the pink schmedium shirt looks like a wuss.
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The size between small and medium.
"Can I get that shirt in a Schmedium?"
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Dude, that t-shirt ain't small but its damn sure schmedium