We habitually have peonies with eyes showing in the fall above ground (of course.) I don't do anything with them, as in protection, and they seem to do fine. If it is an especially nice fall it is like the plant things it is time to grow again. I dug up Border Charm and left it in buckets (six pieces) for several weeks. Just couldn't get to it. Threw some dirt on it to keep it from totally drying out. When I finally got to dumping them out, several had eyes. I planted the two best in the front new bed and the eyes are at or above ground level. It was that or bury them more than the 2". I believe they will be just fine. And we have some long cold winters.
Guess my point is that peonies are pretty tough plants (most of them) and can take quite a bit of abuse before totally cocking their toes up.
