The Americans put together one of their most memorable Olympic triumphs in the group phase of this tournament by defeating Russia in a shootout, but they eventually headed home without a medal. They did not score a goal in either the semifinals or finals.
Selanne has played only seven games with the Anaheim Ducks this season and has said this will be his last international tournament, but he was a major factor in Finland reaching the medal round and he opened the scoring Saturday 87 seconds into the middle period. Jussi Joikinen shocked the Americans with another goal just 11 seconds later and the United States never recovered.
Selanne's second goal of the game came midway through the third period and gave Finland a 4-0 lead. This was Selanne's sixth Olympics.
Tuukka Rask, who was in goal when Finland defeated Russia in the quarterfinals, recorded the shutout by making 27 saves.
Jonathan Quick allowed all five goals on 29 shots.
Finland has won a hockey medal in six of the last eight Olympics, but none of them have been gold. The Americans had won the silver medal in two of the last three Games.
Canada will take on Sweden for the hockey title on Sunday in the last medal event of the Winter Olympics.