"We talked about a lot of different things," general manager Stan Bowman said. "It was a lot of different scenarios that were considered by both sides, and really the deal happens when both sides feel comfortable with it. That's just where it landed. We had discussions on other things, but this is the one that just seemed to make the most sense."
The Blackhawks, who lead the Western Conference with a 22-10-5 record, play at the Nashville Predators on Thursday (8 p.m. ET; FS-TN, CSN-CH, NHL.TV).
Panarin said being able to stay in Chicago was important to him, perhaps even more than the money involved. He has grown comfortable with his teammates and the organization since he arrived from Russia prior to the 2015-16 season.
"If I agree, that means it was very important," Panarin said through a translator. "Chicago gave me a chance to play at a very high level. I like everything about the team and the environment here. You can't earn all the money in the world."
Panarin won the Calder Trophy as the NHL's top rookie last season and has 114 points (45 goals, 69 assists) in 117 games with the Blackhawks. His 30 goals and 77 points led all rookies in 2015-16, and he has followed that with 37 points (15 goals, 22 assists) in 37 games this season.
"Good for him, well-deserved," Blackhawks coach Joel Quenneville said. "He's a fun player to watch and a privilege to coach. He's an exciting player in a lot of ways, so it's good news for everybody.
"I think he's one of those players that right off the bat made an impact on our team. He continues to get better. The upside is still there, but he does a lot of things that you appreciate. [Bowman] organizationally, there's always tough decisions to make. His play, I think, certainly deserves what he achieved, and good for him. Well-earned."
Panarin said getting the deal done at this point of the season was an added bonus because he no longer has to worry about contract negotiations and can focus on making sure his on-ice production remains an effective part of the offense.
"I'm happy with the timing," Panarin said. "It's nice to get it out of the way. Some of the pressure is relieved. But some additional pressure is now here, because I need to justify the trust that has been given to me and perform as expected, or better."