CBJ accepting futures is more likely than STL agreeing to trading Parayko for Panarin, IMO. IF STL can't get him for futures, then there's not much of a reason for STL to acquire Panarin given their lack of RHD replacements, their relative depth on LW, and the need to be adding to their core - not subtracting. CBJ can look elsewhere to get roster players in return, but it will be difficult considering the need to find a partner that has the cap space, the roster players, the ability to S&T Panarin, has room to protect Panarin and the rest of their players in the ED, and can survive the CBA lockout and pay Panarin's salary. We're talking teams that are either pretender or contender status, and I don't think any of those teams would be willing to put forth the kind of roster players needed to make a mostly non-futures deal work - especially when you consider the cap for those teams.
If CBJ can find that team, they should take it, but I'm willing to bet that when Panarin is traded it will be based more around futures than anything.