Actually Luongo still has another year after this one before he becomes an UFA.
I c&p'd this from the NHL site:
The Panthers can begin renegotiating with Luongo on Jan. 1 for another long-term deal. As a restricted free agent, the netminder can seek arbitration next summer or negotiate a new deal with the team.
If there is no deal by Dec. 1, 2006, Luongo would be forced to sit out the 2006-07 season before becoming an unrestricted free agent at the completion of that season.