1) Decayed vegetable matter found in bogs and often used for fertilizer.
2) Sports lingo for repeat. Typically used with a numeric suffix (e.g. 3-peat, 5-peat) to indicate consecutive seasons said team wins championship game. Invariably when fans predict an (N+1)-peat, the former definition turns out to be more appropriate.
Those Patriots are a Dynasty. Next season they're gonna make it a 3-peat!