24 matches: 11 wins, 13 losses
Top point scorer: Preston Campbell – 190 [11 tries, 73 goals]
Top try scorer: Rhys Wesser – 14
Player of the Year: Craig Gower and Luke Priddis
Based on the high-flying performances of the previous two seasons and a roster that had not changed that much from 2004, the Panthers were seen by many as the premiership favourites heading into the 2005 season.
An inauspicious start, losing their first two matches soon improved to a 4-4 record after eight rounds and a spot in the top eight.
But an eleven match stretch which saw a measly return of two wins saw them sit in thirteenth spot after Round 20, and only four points above last spot.
A high scoring victory over the Warriors in Round 21 was the catalyst for a late season charge, that saw them string together four victories (including a bye) and surge up the ladder. Heading into the final round found, Penrith found themselves in a three-way battle with Manly and the Sydney Roosters for the eighth spot. Manly were two points ahead in eighth however both the Panthers and Roosters had a superior points differential. A Manly win sealed the Panthers fate the night before, and with nothing to lose the Panthers recorded their fifth straight win with a come from behind victory over eventual premiers Wests Tigers. Ultimately Penrith would finish 10th with a 0 differential (same number of points for and against), with the Roosters ahead by the barest of margins with +1.
Overall, it was a poor season across the club, with both the Jersey Flegg and NSW Cup teams finishing well outside of finals contention.