NOTE: THE ENTIRE DAY HAPPENED SINCE DRAFTING THIS REPLY
I don't think in theory that timeslot is as much of a problem as people fear - I've done a Friday 9am panel once and it was to capacity, and it was something academic sounding. Keep in mind that NOTHING ELSE is going on - no Dealers Room, Art Alley, guests, video games... it's only fan panels and some anime showings so you actually have *less* competition for relative newbies who want something to do right after getting in. It also may have come down to room size - you guys got the 2nd largest panel room that also hosts a number of guest events, which get first dibs on the schedule.
I dunno, as someone who has worked in panels/programming/etc at cons unless you put on your application OH HEY WILL NOT PHYSICALLY BE IN BALTIMORE FOR 9AM FRIDAY and still got that slot, I hope nobody makes a huge fuss at the con staffers for this :ohdear:
***AFTER READING WHAT I MISSED***
I was going to suggest option C) keep the slot but Dropbox any digital materials you can and see if you can find substitute panelists for any remaining spots up front so at least it runs in a somewhat familiar format. While there probably will be a panel dropout between now and con o'clock, odds are it'll be in the room with a little-to-way less capacity you'd have at the original slot. But guess I missed the suggestion boat on that :V