Hey Phil. From what I understand the Rotating Panel means you have several high ranking guys who make decisions as a committee. There is no one guy who is officially above the other guys on the panel. That being said some guys do have more influence and or money than the other guys. Some of the guys mentioned as panel members such as Larry Dentico operate on a strictly administrative capacity, meaning they do not actually run a crew day to day unlike some other guys.
I could be wrong as I am not an expert. I am sure Pizza or one of the other guys will set things straight f I am off base.
Them making a decision as a committee is correct. In the Genovese family we've seen one guy from the panel step up as the acting boss to run things day-to-day from time to time. I've always gotten the impression that over all policy decisions are made by the committee and the acting boss is the point man on the street. As for Dentico, he was on the ruling panel since the late 1990's and he was still a captain during that time. He was indicted as such in 2005.