nah it should be the real Penrith Panthers logo
This is still the best one ive seen. If they cleaned it up a bit, and obvoisly changed the colours, it would be perfect.
Just use the football shape in the middle, like a Jets badge. Its simple, it would be pretty distinctive. As for the actual logo, its only really comparable to the South Sydney Rabbit (probably the most recognisable logo in Aussie sport) so its obviously not a terrible design.
Even if you dont love it, its hard to hate.
edit: oh, And that "P" would be great. It could represent "penrith" or "panthers", so it would be hard to argue they are losing heir heratage. Its just another piece of their image that they could really push to represent them.
The more i think about this the more in love with the idea i am. I know im just going to be disappointed, but i cant help hoping they actually use this.