Already at 22 regulation losses, and only have 5 OT/SO points to make up for it.
What's really hitting the Panthers is their points% against the Pacific relative to the other teams in the Atlantic. They're 6th, behind both Montreal and Buffalo, and just barely ahead of Ottawa. They're also only breaking even against the Metro, whereas Bos, TB, Tor, and even Buf are all getting more than 1 point per game when playing within that division.
They're only 2 points back of Toronto, and the Leafs have hardly been the model of consistency this year, so they're not dead.
This western road trip the Panthers have coming up next week is huge. It might be the perfect time for it, or it could kill their season. The Sharks, Ducks, and Kings are dead, Vegas has some heart, and the Coyotes are hanging on by a thread. They need to come home with at least 7 out of 10 possible points, before playing Toronto on the 27th. Toronto's next 6 before the Panthers include TB, Pit twice, and Carolina. That's a tougher week and a half.