It depends on what the team's stated goals are/were. Given what the Rangers said they were going to do, no, there's no reason for Panarin to be on this team, this year. None. Would they have more points than they do now? Yes, I absolutely believe that. Not enough to make a difference other than draft order, though.
If they had Panarin at the start of the season, kept Hayes and Zuccarello, and added at the deadline then I think they squeeze into the playoffs. Obviously, not the right move, but for a team like Carolina or Florida that would've been a success.
Do I see this team being even more competitive next year? Yes. Would Panarin make them better? Yes. Do I think the cost/term are worth it? No.
But, let's not pretend that he wouldn't help this team improve. He would.