I think its great value for both team but it just doesn't get me excited to trade Stone. And if they do, they should get back a young player/1st rounder and that's what would become exciting.

Absolutely not

Hayes surpassed Z last year in 5on5 and would have been better overall had he gotten the chance to play on the power play. The additional cap space allows the rangers to extend Stone and pay Panarin, so Hayes would have more than enough help on the first line.

I would rather just sign panarin who is better than stone and not have to give anything up in the process. If we trade Zibinijad, it would be for younger building blocks and picks /high end prospects, not someone who is going into free agency

At some point they have to pick between Zibanejad and Hayes. Z has more value now, but Hayes is the better player long term (concussion history). Signing Hayes to a 5.75 deal and Stone to a 8.5 leaves plenty to go after Panarin in FA.