Peterman was owed a non-guaranteed $2.133 million salary for the 2020 season as part of his restricted deal.
Peterman, 26, is a former fifth-round pick of the Bills back in 2017. The Bills made the decision to move on from Peterman in November of last year and he eventually signed on to the Raiders’ practice squad.
The Raiders brought Peterman back on a futures contract last year. However, he was placed on injured reserve coming out of the preseason. Peterman returned to the Raiders this offseason on an original-round restricted tender. He’ll be an unrestricted free agent in 2021.
In 2018, Peterman appeared in four games for the Bills and completed 54.3 percent of his passes for 296 yards, one touchdown and seven interceptions. He also rushed for 50 yards and touchdown.