Peckham, a third-round pick (No. 75) by the Oilers in the 2006 NHL Draft, had a goal and a pair of assists along with 80 penalty minutes in 54 games last season. He has four goals, 17 points and 382 PIM in 156 career games in parts of four seasons.
He was one of seven restricted free agents to receive qualifying offers from the Oilers after also making $1.075 million last season, according to CapGeek.
"It's a relief," he told the team's website. "I understood I was coming off not the greatest year, so -- it wasn't necessarily 'take what you can get,' but both sides are happy. There was a little discussion back and forth, but I think for the most part it worked out best for both sides."