
How this plays out is that Alex Semin is in his fourth year as a pro - his rookie year in 2003-04, and two years in Russia prior to returning to the NHL this year. Kari Lehtonen (in his second year, by this definition) and Peter Budaj (also in his second year), on the other hand, are eligible for the YoungStars, despite being, like Semin, not still in their respective entry-level contracts.
No conspiracy, no waivers... just rules.