I haven't taken a strong position one way or the other.
It does seem to me based on the analytics and advanced stats I've seen others post that Panarin isn't playing as well right now has he has in prior years for us, and that he's providing far less impact than his cap hit warrants, sans the Carolina game. If he can turn that around, great.
He's also 31. I would have predicted Panarin to stay at an elite level for longer like, say, MSL, but if he is in fact in decline already, well, he's 31 so that's not super surprising either, and we need to get out ahead of that, then. You can't have that player sucking up nearly $12m when you have other players to pay as you try to build a Cup winner. He'd have to be pawned off on a team that doesn't mind paying him for empty points during a time they aren't really contending.
I personally hope he does stick around and continue producing over a point per game like MSL till he's 38.