I believe there are two things that can be totally counted on happening.
1. The Brewers exercise the option on Peralta for $8 million.
2. Woodruff declines his mutual option and collects the $10 million.
With those, the question becomes does the Brewers extend the qualifying offer to Woodruff. I say a definite YES. Now $22 million is a lot to pay him on top of the $10 million, but that's kind of the going rate for starting pitchers. If he accepts the QO (which I do not think he will), the Brewers have their veteran piece of the rotation for 2026. This gives the Brewers the option of trading Peralta. I would only be in agreement for that if the deal meets or exceeds their asking price for him. They would have to get a great package back to break-up the top of the rotation.
What I think would happen is that Woodruff does not take the QO and ventures into free agency. The Brewers then hang onto Peralta for the upcoming season. This would net the Brewers a couple more draft picks over the next two seasons while definitely going on a youth movement behind Peralta in the rotation.