We recognize a great talent, but we just feel that he's not quite complete yet in the defensive part of his game. Last year's playoffs left an impression upon us. He's a tremendous player and he's going to be great for years to come, but we felt we need to see him play in a lot of playoff games and play well, excel in pressure situations and be responsible in both ends of the rink to put him on the team. With the group we have, they can provide offense and they're good in both ends of the rink. We needed to see more of that from Mike. (from http://www.nhl.com/ice/news.htm?id=511742)
I thought this was a silly argument. Green does occasionally make defensive gaffes, but if balance is what they want, the numbers don't lie. Green is +15 and Yzerman included a defenseman, Scott Niedermayer, who is -10. And regarding last year's playoffs, Yzerman seems to have ignored the fact that Green was playing with an injury. Hasn't Green regularly proved himself capable of coming through in big game situations? Not to mention, the guy finished second in Norris trophy voting last year.
Update: good blog here: http://www.japersrink.com/2009/12/31/1227164/the-snubbing-of-mike-green