Clearly Cavani was not in our plans otherwise we probably would have snapped him up earlier; however I wouldn't call this a panic buy per say.
Its obvious, and has been obvious for some time tha,t Ed and Matt are incompetent when it comes to transfer dealings, but am Ok with this signing. We look highly unlikely to get our targets this summer, but it is also obvious we do need reinforcements in the squad for now and the future, this takes care of the now need(if it pans out).
This is more of reacting to the reality of where we are right now, which is that we are not going to get our targets. I think this is better than say spending a transfer fee on a signing like say a Josh King.
This is a short term solution (and i use the word solution loosely), where as we get have a go at trying for our long term targets again next window or summer.
It how I feel about the Sancho transfer "saga", if we not getting him this window, we shouldn't be trying to go sign a long term alternative as we really are not at that stage yet. We would be in the same situation we were at the start of the window, him being a Dortmund player, so we still can go for him again next summer, even though it would be tougher to get him. Which is probably the thinking behind trying to get Dembele on loan.
I think the Sancho situation is like the Ruud signing, although different circumstances that caused the deal not do go through, nothing had changed, so our plan for him didn't.
As Much as I have a lot of issues and frustrations with Ed and Matt, our incompetence in the market, this is one I have no issues with.