For Chicago it wasn't all just about targeting Saad for the sake of replacing Panarin with something else (and to make up somewhat for the loss of Hossa i guess.), but also looking ahead in the cap world.
Saad is signed @ 6M per yr till the end of 20-21. Panarin has 1 yr left after this season.
The numbers Panarin put up in Chicago, he was due to a raise. And even though, say, 1.5-2M ain't a big difference, that's very significant for Chicago.
We still can't evaluate the trade fully until we know what happens in the future. What if Panarin doesn't end up re-signing in Columbus and they don't have a cup or anything like that to show for his time with them?
If he does though, i don't think there's any way Columbus loses the trade. They still need a player like him, right now it's just about finding the comfort level with the new team. Columbus isn't exactly a skill team where players like Panarin can play tic tac toes all the time. Need to find other ways to produce.
But yeah.. i would say for Columbus it was legitimately trying to improve their team, more so than for Chicago. Hawks had other reasons to pull the trigger.