Your selector does not actually selects an item footer, but it selects the child elements spanand athis element and makes the text inside them in red. The selector :notwill exclude only individual elements.
>, .entry-wrapper. , .
article.post .entry-wrapper > :not(footer),
article.post .entry-wrapper > :not(footer) *
{
color:red;
}
<article id="post-92" class="post-92 post type-post status-publish format-standard hentry category-uncategorized">
<div id="post-92-thumbnail" class="thumbnail-wrapper" style="background-image:url(
http://netdna.webdesignerdepot.com/uploads/2016/07/featured-768x438.jpg
)"></div>
<div class="entry-wrapper">
<header class="entry-header">
<div class="category-link"><a href="http://localhost/wordpress/?cat=1" rel="category">Uncategorized</a></div>
<h2 class="entry-title"><a href="http://localhost/wordpress/?p=92" rel="bookmark">Article title</a></h2> <div class="entry-meta">
</div>
</header>
<div class="entry-content">
<p>Excerpt</p>
</div>
<footer class="entry-footer">
<span>December 2, 2016 by <a href="http://localhost/wordpress/?author=1">xp95</a></span>
</footer>
</div>
</article>
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