To me "hitting the panic button" is simply an admission that your thoughts on the team have changed dramatically from spring training, etc.. If you thought the Reds were going to win 74 games before the season then there is no panic button to push... I you are like me and you pegged them for 86-90 wins and a playoff berth, then there might be a time when you think "Uh oh, that ain't gonna happen..." and at that point perhaps hitting the panic button would consist of hoping the team makes a last ditch effort to try and meet those goals.
For me, I haven't hit the button yet because we are about one good ten game stretch from being right about where I'd thought we'd be. But if we go 2-7 on this homestand or something, I will "panic" and probably no longer believe this team can accomplish my Pre season goals.