He played college basketball for Michigan State University, where in the 1999–2000 season he led the Spartans to the national title as Big Ten Player of the Year.

While enjoying some early success in his professional career, Peterson's production faced a steady decline, before stepping up in the wake of the new era of Raptor youngsters being ushered in, taking on a more expansive leadership role and transforming himself into an elite perimeter defender, a clutch performer and consistent scorer.

Perhaps the biggest highlight of his career occurred against the Washington Wizards on March 30, 2007, in a game that helped determine the two teams' playoff seeding.

The Wizards' Michael Ruffin intercepted the full-court pass and tried to toss the ball high into the air so that the clock would run out.

There was still enough time on the clock as Peterson caught the ball and launched a "Hail Mary" three-pointer and sank it to send the game into overtime.

[6] Peterson's final NBA game was played on December 12, 2010, in a 106 - 77 win over the Cleveland Cavaliers where he recorded 2 points.

For the network's package of Toronto Raptors games, Peterson joined TSN's broadcast team of Jack Armstrong, Leo Rautins, Matt Devlin, and Rod Black both in the TSN Studio and on-site at the Air Canada Centre in Toronto, Ontario.