Clearly there's something that Yzerman and the 31 other NHL GM's knew or saw in Petruzelli that made them believe he wasn't worth offering a 2 year NHL ELC. I'd bet dollars to donuts it has something to do with all the stuff I've pointed to in this thread at least a couple times where Horcoff last spring talked about KP's maturity level and touched on how he was just "starting" (in his D+3) to do the things necessary to make it as a pro.
He also never had a season with Quinnipiac as good as the guy he replaced as starter (Andrew Shortridge - 1.51GAA/.940SV% in his Jr and final year), who signed with the Sharks and got absolutely lit up at the AHL level.
Looking at the Leafs depth chart in goal, it looks like KP will be battling for a regular spot with the ECHL's Newfoundland Growlers, a far cry from the AHL starting job or even NHL back up job that some Red Wings fans hilariously thought he was ready to take on now or compete for.
As far as the draft pick goes, Holland and co. gambled a pick that already had a low chance of developing an impact player at the NHL level on a 6'5" goalie that would have a few years to develop. I guess Yzerman and co. decided it wasn't to be. Not the first time and definitely won't be the last. And even if they had signed him, there's still no guarantee he'd end up anything more than a Jared Coreau if he even hits that....
As far as getting nothing for the asset.... Maybe it's not too late. Yzerman might be able to give Dubas a call and try to get some discount swag from the Marlies team store clearance section.