I'd argue its Huberdeau straight up for Panarin. Huberdeau has about the same value as Saad does, I wouldn't add Borgstrom to him if I'm Tallon. Panarin is an electrifying player but let's not deplete the reserves of a great 60- 70pt playmaker + a potential 50-65pt winger in Borgstrom (I truly see him as a winger going forward) for a 70-80pt winger.
I think CBJ prefers a top 6 C (young one with tons of upside who has at least 2 years in the league) in return for Panarin. Trocheck should be a no based on production/contract and Borgstrom isn't ready for top 6 yet.
Tallon has preached stability and we added Hoffman who could possibly put up 35 goals/65pts if all goes right. The fantasy has to end at some point.
We will need guys like Borgstrom, Tippett, Heponiemi and Denisenko on their ELCs/bridge deals/5-6 yr deals at decent cap hits if we want to re-sign Barkov, Trocheck and Huberdeau after their deals are up.
I'd hate to see Huberdeau go, ya he didnt find a ton of chemistry with Trocheck but we do know he has it with Barkov. I feel Borgstrom may be the guy to play with Trocheck along with a guy like Denisenko who brings a ton of speed and playmaking ability.
As you mentioned, the numbers just don't add up and Tallon also stated the term "cap flexibility" which screams long term plans for this core going forward. I'd easily bet a 100$ Panarin isn't a Panther come game 1 of the 2018-2019 season