Yes, the Bills "screwed up" by anticipating that Peters would have one good full season at LT, after which his ego would blow-up to cosmic proportions, and that Dockery would prove to be a bust. And they knew they underpaid Peters when they gave him the escalator clause, in good faith, should he become the starting LT.
Look, Peters ultimately got what he wanted ($10M/year). Guess what? It's what he would have gotten from the Bills, possibly even last year, had he acted like a mature professional and shown-up for OTA'S, minicamps, hell ANYTHING before the season started. He didn't. And the Bills didn't want to reward him so they traded him when they got a pretty good deal. They could have kept him and let him twist in the wind.
And early returns are that he's fat, out of shape, and just plain bad. Looks like the Bills made the right decision. Because it will be very hard for Peters to justify his $10M/year pricetag.
And that Noel Coward thing was actually Winston Churchill. Coward batted for the other team. Not that there's anything wrong with that.