He's in a contract year. He knows he really damaged himself in the coaches eyes last year. Ever since then he's begun to play the scheme and has quit freelancing. Peters is showing he can be a good CB when he wants to be. That right there is the problem...when he wants to be. Also, more importantly, he's a zone CB not a press man CB. He has good long speed but not that good. He lacks the second gear to close if he gets behind. He's got a burst out of his breaks which is why he's a good down hill zone CB. IMO the biggest issue with him is that he's not a good fit for this offense. They play more zone than Wade likes because of Peters and Talib's age.
They drafted Long because he's a press man coverage boundary CB to replace Talib next year. Personally I think they will try to get a top FA like Darby or Roby. Failing that they will offer Peters a one year deal while they draft someone to replace him with. Darby is much faster, better in man coverage and a year younger than Peters. He's the one I would target.