Peters played for the
Montana State Bobcats of
Montana State College in 1924. He converted 17
drop kicks into field goals in a game between the Bobcats' freshman team and
Billings Polytechnic Institute. The Bobcats won the game by a score of 64–0. The Bobcats helped him set up his drop kicks by falling short of the goal line instead of scoring. Peters also made 15 drop kicks in a game once. Montana State athletic director
Schubert Dyche said that "We agreed that every time we got inside the 30-yard line. Frosty would drop kick one." He transferred to play for the
Illinois Fighting Illini of the
University of Illinois in 1925, where he was a part of the Illini freshman football team. He was heralded by some to be a potential successor to
Red Grange. Peters
lettered in football for the Illini in 1926, 1928 and 1929. ==Professional football career==