This signing is not for THIS year, it is not turning the team into immediate contenders. They still have tons of questions on D, though Trouba helps. They still have tons of rookies and sophomores on the roster. They still have a relatively green head coach. Having Panarin in place cements a cornerstone of the rebuild, gives all of our young talent a great vet to learn from and our coach to lean on.
20 mill in cap space being freed up after this season, 25 million the year after (the important one, with Staal Smith Shattenkirk and Lundqvist). Cap going up in 2 years with a new TV deal AND Seattle expansion. We still have lots of kids in the pipeline to keep infusing youth (read ELCs) into the lineup. By the time Gorton has to give big money to any of our potential young stars we will have cap space in spades, and Panarin having only 3-4 years left will look pretty good at his cap hit with the cap going up by then, especially instead of signing some other dude to a 7 year deal at that point.