The club reportedly offered the star forward an eight-year deal worth at least $96 million, according to The Athletic's Aaron Portzline. The contract could've been worth as much as $100 million, but it needed to be signed by midnight ET, a deadline that passed without an agreement.
In order to lock up Panarin for eight years, the deal had to be agreed upon before July 1. When Panarin hits the open market Monday at noon ET, the longest contract he'll be able to sign - with any team, including Columbus - is seven years.
The Blue Jackets reportedly made an eight-year, $72-million offer to Panarin last summer, but he informed them he wasn't interested in negotiating an extension.
The Russian winger led Columbus in scoring in each of his two seasons with the team and tallied a career-high 87 points this season.
With reports of Matt Duchene signing with the Nashville Predators and netminder Sergei Bobrovsky likely headed to the Florida Panthers, the Blue Jackets are taking one last swing at keeping one of their most promising talents.