Schmidt and the other members of the High-Z Team (the set defined by the co-authors of Riess et al. 1998) shared the 2007 Gruber Cosmology Prize, a $500,000 award, with Saul Perlmutter of the Lawrence Berkeley National Laboratory and the Supernova Cosmology Project (the set defined by the co-authors of Perlmutter et al. 1999) for their discovery of the accelerating expansion of the universe.