Karen, most of the time it comes to me as I am positioning it in the hole. I like that this one has a nice long root. There is a cluster of eyes at the end, and those will be right below the soil line. I like to put a little "volcano" of dirt over the top, which I hose away as the peony gets growing in the Spring. I find this gives the peony a little extra protection over our weird winters in middle TN. We can get very warm days followed by freezing temps.
I also like to have the roots pointing downward even when it is obvious that they were growing sideways from the crown. To me, they will get established more quickly, and be more protected from possible rot.