I think this situations is similar to Sammy Watkins.
The organization believed in Watkins as they do Peters but neither guy knocked the ball out of the park with their performance.
They wanted to resign Watkins as they do Peters but it will come down to price. Watkins priced himself out of range and left. Peters will have a chance to resign it remains to be seen if they can get the deal done.
The big and I mean big difference is that the Rams have a large window of exclusive negotiating open to them to reach an agreement. This gives them the advantage of reducing risk on Peters in exchange getting the deal done at today's prices. If he hits free agency and has a good season the risk if off and the price will be higher. It will be interesting to see what happens.