In this article, we present a predator‒prey model for Florida panthers (FL panthers), white‐tailed deer (deer) and cattle in Florida. The model is used to construct the following four policy scenarios: (a) joint management of all three species (Scenario 1); (b) a target population size of FL panthers of 240 individuals (Scenario 2); (c) a target population size of FL panthers equal to the carrying capacity (Scenario 3); and (d) a target population size of FL panthers of zero (Scenario 4) (Scenario 4). We parameterized the model for FL panthers, deer and cattle in Florida, which enables us to obtain empirical results for the population, harvest and net benefit of all three species under each policy scenario. When comparing Scenarios 1 and 2, the total net benefit of all three species is only slightly higher in the former case. Under Scenarios 3 and 4, the net benefit of deer changes significantly compared to Scenario 1, while the effect on the net benefit of cattle is minor. When comparing Scenario 1 and an actual situation, we find that the optimal population of FL panthers is only slightly higher than the actual population.