Let's look at Italy's players just 10-12 years ago compared to today in defense and attack:
In defense:
2002-04: Maldini, Nesta, Cannavaro, Zambrotta, Panucci, etc.
2014: Barzagli, Chiellini, Bonucci, Abate, De Sciglio, Darmian
In attack:
2002-04: Vieri, Totti, Del Piero, Inzaghi, Montella, Cassano, etc.
2014: Balotelli, Immobile, Insigne, Cassano, Cerci, Rossi (not called)
It is not even remotely close. Italy should do what Germany did after Euro 2000 when they completely revamped Germany's youth system and their approach to youth.