To my recollection, the Bills have the ability to place the transition label on Peerless, guaranteeing him the average of the top 10 WR's in the NFL and giving the Bills compensatory draft picks if another team were to sign him.
That's the way to go- that'll likely keep him here 1 more year for the big 2003 run we all expect, and if some team throws $12 mil at him then we'd get some draft picks at lease.
Simple!