Minor leagues After signing with the Yankees, Peterson was assigned to the
Harlan Yankees of the
Rookie-level Appalachian League. In twelve games (ten starts), he had a 4–3
win–loss record with a 4.43
earned run average (ERA); he struck out 80 batters in 61
innings pitched. He also
batted .273 with one
home run. In 1964, Peterson played for the
Shelby Yankees in the
Class A Western Carolinas League. In 21
games started, Peterson amassed a 10–7 record, with a 2.73 ERA; he struck out a team-leading 194 batters in 155 innings. He also hit .345 with four home runs. He played winter ball in the 1964 Florida East Coast Instructional League; he had a 7–2 record with a 1.68 ERA, striking out 45 batters in 59 innings. Assigned to the
Greensboro Yankees of the Class A
Carolina League in 1965, Peterson had an 11–1 record in fourteen starts, with a 1.50 ERA, and 83 strikeouts in 108 innings. He was later moved up to the
Columbus Confederate Yankees in the Class AA
Southern League. He went 5–5 with a 2.18 ERA in twelve starts with 62 strikeouts in 91 innings. Yankees minor league pitching coach
Cloyd Boyer was credited with helping Peterson become a star pitcher. At age 24, he became the number two starter on the Yankees pitching staff. He made his major league debut on Friday, April 15, 1966, against the
Baltimore Orioles. Before a crowd of 35,624 at
Memorial Stadium in Baltimore, Peterson pitched a
complete game, striking out three batters and walking none. The Yankees won 3–2, giving Peterson his first major league victory. Future Hall of Famer
Frank Robinson hit a solo home run off of Peterson in the ninth inning, but he got
Brooks Robinson to fly out to left and
Boog Powell grounded out to first to give the Yankees the win. The losing pitcher was
Wally Bunker. His first major league strikeouts were
Paul Blair,
Andy Etchebarren, and Bunker. "Where the vintage pitchers like
Whitey Ford,
Pedro Ramos, and
Bob Friend had failed, Frederick (Fritz) Peterson succeeded yesterday for the New York Yankees. In his first major league game, the 24-year-old left-hander beat the Baltimore Orioles, 3–2, and drew an accolade from his manager, Johnny Keane," the New York Times wrote of his debut. Keane said: "Not many young pitchers have his control. That's his strength, that and his fastball." In his rookie season, Peterson went 12–11 in 32 starts for the Yankees. He had a 3.31 ERA with 96 strikeouts in 215 innings. He tied
Mel Stottlemyre (12–20) as the team leader in wins.
Yankees starting pitcher Peterson went 8–14 in 1967 (3.47 ERA, 102 strikeouts), 12–11 in 1968 (2.63 ERA, 115 strikeouts), and 17–16 in 1969 (2.55 ERA, 150 strikeouts). He had the best season of his career in 1970, with a 20–11 record (2.90 ERA, 127 strikeouts). He went 15–13 in 1971 (3.05 ERA, 130 strikeouts), 17–15 in 1972 (3.24 ERA, 100 strikeouts), and 8–15 in 1973 (3.95 ERA, 59 strikeouts). In 1969 and 1970, Peterson had the best strikeout-to-walk ratios in the AL. Peterson also led the league in fewest walks per 9 innings pitched 5 years in a row, 1968–1972. The last pitcher who did that 5 years in a row was
Cy Young. In 1970 and 1975, he had the 10th-best win–loss percentages in the league.
American League All-Star Peterson was named to the 1970 AL All-Star team. The American League team was leading 4–1 in the bottom of the ninth inning when
Catfish Hunter gave up a home run and two singles. With runners at first and second, Peterson was called in by AL Manager
Earl Weaver to replace Hunter. Future Hall of Famer
Willie McCovey singled to right, driving in
Bud Harrelson, with future HOF'er
Joe Morgan moving to third. Fellow Yankee Stottlemyre then replaced Peterson.
Trade to Cleveland Indians Peterson's pitching seemed to suffer in 1973 and 1974 after the swap, and he was roundly booed in nearly every
American League ballpark afterwards. The Yankees traded Peterson,
Steve Kline,
Fred Beene, and
Tom Buskey to the
Cleveland Indians for
Chris Chambliss,
Dick Tidrow, and
Cecil Upshaw on April 26, 1974. Peterson went 9–14 for the Indians in 1974, and 14–8 in 1975.
Later career After a 0–3 start with a 5.55 ERA in nine games, the Indians traded Peterson to the
Texas Rangers for
Stan Perzanowski and cash on May 29, 1976. He started two games for the Rangers and had a 1–0 record when a shoulder injury ended his season. The Rangers released him on February 2, 1977. Two weeks later, he signed as a
free agent with the
Chicago White Sox. After his second shoulder surgery, Peterson announced his retirement from baseball on May 4, 1977. ==Trading families==