Give this a read...an interview with the editor on how they choose the man of the Year..
Choosing the Person of the Year: TIME Editor Jim Kelly - TIME
Jim Kelly: Well, the classic definition of TIME's Person of the Year is the person who most affected the events of the year, for better or for worse. I think what has happened over the years is that the Man of the Year title, Person of the Year title, has become non-honorific. It was never meant to be solely that.