Peeler was one of the top shooting guards available and was considered a possible NBA lottery pick by some analysts,[6] but his stock began to plummet due to off-the-court legal issues.

[8] But the Lakers felt that drafting Peeler would be worth the risk if he could help revitalize their backcourt, which was still reeling from Magic Johnson's abrupt retirement and only had unproven 2nd year player Tony Smith & aging veterans Sedale Threatt and Byron Scott as the legitimate remaining threats at the guard spots.

Peeler also played for the Vancouver Grizzlies, Minnesota Timberwolves, Sacramento Kings and the Washington Wizards averaging 9.7 points per game throughout his NBA career.

While with Sacramento during the 2003–04 NBA season, he led the league in three-point field goal accuracy with 48.2 percent.

He had expressed interest in joining the coaching staff of Frank Haith at Missouri in 2011, but no job offer was forthcoming.