I maintain that Peyton and Peterson should split the award. I really don't think that would be a cop-out. It's been a decade since they had co-MVPs and if ever there was a year to do it, it would be this year. Both have been miraculous in their recovery from injury. Both have are completely indispensable to their respective teams. Take either guy off his squad and those teams would be embarrassingly bad.
I think it's a slap in the face if either one misses out on a the award so just give it to both of them.