24 matches: 8 wins, 16 losses
Top point scorer: Michael Gordon – 150 [9 tries, 57 goals]
Top try scorer: Michael Jennings – 15
Player of the Year: Michael Jennings
In new coach Matthew Elliott’s first season, the Panthers would win two of their first three, including a dramatic come from behind golden point victory over defending premiers Brisbane to be fifth.
However, this would be the start of a dramatic slide where only one win would be recorded over the next fourteen matches. By the time they had recorded just their fourth victory in Round 18, they were bottom of the table and whilst a late season surge of three wins in a four-week lifted them off the bottom, a final round loss ensured they would finish the season with the dreaded wooden spoon, a mere four seasons after their premiership triumph,
This was made even more stark that a large portion of that 2003 team was still in the squad, including captain Craig Gower whom after a period of speculation confirmed he would be departing Penrith to switch to rugby union. However, it did see the emergence of two promising new talents – Peter Wallace in the halves (although he would also depart at the end of the season) and centre Michael Jennings, who finished as the club’s top try scorer with 15, and also was named the player of the year.
In the lower grades, it was a brighter season with both the NSW Cup and Jersey Flegg teams making the finals, with the Jersey Flegg team securing back-to-back premierships on grand final day.