The Cardinals (3-1, 3-1 Mid-American Conference) built a 24-3 lead after two-and-half quarters before Toledo (2-2, 2-2) rallied.
Jack Knight's 31-yard field goal with 13:06 remaining extended Ball Sate's lead to 18 before Peters led a 56-second drive that resulted in a score when he found Bryce Mitchell from 28 yards out with 5:31 left.
Toledo forced a three-and-out, and in relief of Peters, Carter Bradley threw an 18-yard touchdown to Mitchell with 2:34 remaining.
Peters threw for 363 yards and Winstead caught six passes for 113 yards.
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