Panarin was signed pre-Covid, when the cap was escalating quickly and steadily. It was also only 7 years, not 8, and he wasn't yet 28. He will be 34 in his final year. Johnny turns 29 this summer, and would be 36 in his final year.
If you think Panarin and Gaudreau are fair comparables, then something about $1-2M less would make sense.
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