There's a huge difference between Toronto and Columbus. Your fans and management don't have to worry about financial aspects or attracting free agents. Hell, if your ownership would let them, the NHL would put a second team in Toronto because the market can support it. Rabidly.
Columbus is still building a culture. It's a great place for players who want to put down roots and raise their families (hell, doesn't Mark Letestu still have a house in Columbus and plans to retire here? Modin, Foligno, Chris Clark, etc etc. It's a pretty great place for younger guys too, depending on what they're looking for. In a sense, it's a hidden gem and a franchise that's on the upswing. We clearly still need to get the attention of younger players so they stop viewing Columbus as comparable market to Arizona or Buffalo.
We need playoff appearances. We're not in danger of losing the team, but the ownership can definitely use that playoff revenue to show a good return on their investment (especially if we buy out Dubinsky next offseason). For a management group that seems committed to "brick by brick" with the youngest team in the league the last two seasons, another playoff appearance, hopefully with fewer dumb penalties and without Torts' stupid line management, we could be competitive. I don't see the team making the playoffs without Panarin, unless we have huge breakouts from Milano, Duclair, Bjorkstrand, Dubois, Abramov and returns to form from a health Werenski and Wennberg. That's asking a lot.
Also, Panarin is an infinitely better player all around to JVR, though I understand your sentiment.
In any case, I probably wouldn't grumble too hard if Columbus is able to get Borgstrom + 2019 1st from Florida, maybe with a conditional 2020 pick if he resigns. There would probably need to be another roster player coming Columbus' way, solely for cap purposes.