The four-year veteran has appeared in 10 career NFL games with the Bills (2017-18) and Raiders (2019-21).
Peterman was selected in the fifth round, 171st overall by the Bills in the 2017 draft out of Pittsburgh. During his two seasons in Buffalo, he appeared in eight games with four starts, passing for 548 yards and three touchdowns.
After being waived by Buffalo in November 2018, the 6-2, 225-pounder signed with the Raiders, where he spent the remainder of the season on Las Vegas' practice squad. He spent the 2019 season on injured reserve with an elbow injury before serving as the backup to Derek Carr the last two years. During his time with the Raiders, Peterman played in two games, including last Oct. 10 against the Bears, completing 3-of-5 passes for 60 yards.
In a corresponding move, the Bears waived QB Ryan Willis.