The Panthers led the bumbling Broncos 18-0 at halftime at Suncorp Stadium with the "Big Three" of Dylan Edwards, Nathan Cleary and Isaah Yeo in command.
Fellow four-time title winner Brian To'o was also enormous on the wing in front of 45,566 fans, who were mostly silent.
Friday's match was like a rewind back to the 2021-2024 premiership years.
Brisbane came back from six deficits of 10 points or more on the way to last year's title but the hosts made constant errors, appeared sluggish and were woeful under the high ball.
"We had 18 errors and a 60 per cent completion rate," skipper Adam Reynolds said. "We need to work on that."
Coach Michael Maguire admitted the Broncos were never in it.
"We put so much pressure on ourselves," he said.
"They came here and applied pressure and we didn't build any."
These sides have played two of the most memorable finals of recent years. The Panthers came back from the dead to win the 2023 grand final 26-24 and the Broncos, down 14-0 at halftime, won 16-14 in last year's preliminary final in Brisbane
There was an "old firm" feel to the good things the Panthers did.
Edwards has started the season on fire and clearly outplayed opposite number Reece Walsh, who was hardly sighted. The 30-year-old had his desire, elusiveness and pace all dialled in and the Panthers looked so much better as a result.
Lock Yeo dominated the middle of the field and organising half Cleary controlled it all with his kicking game particularly effective.
"There is definitely a lot of room for improvement, but at various stages we were looking for the right things and communicating well," Nathan Cleary said.
"That is pleasing signs. We knew it wasn't going to be perfect in round one but I was pleased that we were putting ourselves in the right positions, competing hard and finding our way to points."
Penrith centre Casey McLean scored first after winger Thomas Jenkins, a late inclusion, leapt above Walsh from a Cleary bomb.
Brisbane winger Deine Mariner had a shocker and struggled under the Cleary high balls. One of his spills proved costly.
Co-captain Cleary, in his 100th game as skipper, gave early ball to Edwards who stepped his way through with a great turn of speed.
In the 40th minute, it was young gun five-eighth Blaize Talagi who lobbed a composed cross-field kick for Jenkins to score.
The Broncos only kept themselves in it with scrambling defence. Their attack was terrible.
Coach Michael Maguire had named Ben Hunt on the bench but started him at five-eighth ahead of Ezra Mam. The move didn't work. The Broncos' spine never connected. Walsh was often gang-tackled.
He threw one slick pass that centre Kotoni Staggs almost scored from, but desperate defence by McLean saved the day.
Jenkins, who had a cracker, intercepted a Walsh pass to score his second try to complete the dominance.
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