I posted this before, but it was hidden in a larger post. I think it's informative to look at the last contract he signed with the Patriots:
That's really not a nothing contract. He got $19.8m of cash in year 1: the signing bonus ($12m) Active/Game Roster Bonus ($3.4m), Base Salary ($2.9m) + Workout Bonus ($200k.)
That's even quite a bit of cash for one year. And the Patriots are eating $9.7m on the cap this year.
So, with that as the backdrop, I'm guessing he's looking for at least the same as a starting point. I can't think of any reason why he would want less than that. He put up a good season, and probably the primary reason he's available is off the field stuff. And he won the criminal case.
And I would be willing to bet this contract is not something Peters (or, it seems, anybody else) is really excited to sign. I'm pretty sure if somebody were to offer him this deal tomorrow, he'd sign it.
Then what is reasonable based on this as the starting point? My suggestion was basically 2/3 of this deal: 2 years, $42m contract. Signing bonus of $9m, active game/bonus of $2m, I would structure it in a way that would allow the team to get out without having a $10m cap hit in 2027 if it doesn't work. If I'm doing the math correctly, he would end up with close to the same cash in year 1 as he got in New England, maybe a little less.
I think the disconnect is probably the years. I'd bet we want shorter for a WR who will be 33/34 this season, and I bet he wants more and he wants