Do you know what variety your peony is? I've seen post from other peony growers about very old (30 years plus) plants that are very healthy and blooming. I know I've seen others in my garden, though, that were in the ground 5 years or so and the middle started to die out, indicating that it needed to be divided. Maybe yours is just one of the varieties that need to be divided more often. If so, you might want to break it up into more than 2 pieces, even if some don't have visible eyes I've seen some varieties that will grow from pieces of root only. Maybe you'll end up with several healthy new plants!
