The biggest issue for the Panthers at this point seems to be that they're missing one of the key pieces that Arizona is looking for in a package for Chychrun.
The Panthers traded their 2022 1st round pick to the Buffalo Sabres in the Sam Reinhart deal, and according to The Fourth Period's David Pagnotta, it's unclear whether or not the Coyotes would be willing to accept the Panthers' 2023 pick, since they lack a 2022 1st rounder.
Another interesting comment that Pagnotta made on Sunday is that the Coyotes are very high on 2020 12th overall pick Anton Lundell. While I don't believe the Panthers would consider moving Lundell, you have to wonder whether or not management believes they're in full blown "win now" mode. If that's the case, maybe dealing a top prospect for a cost-certain defender like Chychrun makes sense to them.
We already know the package for Chychrun is going to be a big one. A bidding war is likely here, which is great for the Coyotes and not so great for the teams interested in Chychrun. That said, if the Panthers do decide they are willing to move Lundell, it sounds like that would certainly move the needle for Arizona.