Peterson signed an Exhibit 10 contract with the Heat on Friday, Adrian Wojnarowski of ESPN reports.
Peterson wasn't selected during Thursday's draft, but he'll have an opportunity to compete for a job with the Heat on a deal that will allow the team to convert his contract to a two-way deal before the regular season. During his final season at USC, he averaged 13.9 points, 6.2 rebounds and 4.3 assists in 35.9 minutes per game.