Agree with the sentiment that if Panarin is a Ranger, it will be on the Rangers' terms. Something similar to Gaborik: A 5 year deal with limited trade protection in the $10-10.5m range. If he wants to play for the Rangers, he'll take it. If he wants more money he can head to Florida or sign with the Isles or whatever.
I also think their pursuit will depend on a few other things breaking right between now and July 1st. Moving a roster player or two out, getting one of their top guys in addition to Kakko, or finding a creative way to dump one of the ugly contracts on the blue line.