If Manziel profited from at least six alleged autograph sessions with professional dealers -- totaling more than 4,000 signatures on all manner of items -- the NCAA could declare him ineligible.
Peterson spoke to Fox Sports, which published an audio file of the 2012 NFL Most Valuable Player's remarks on Thursday.
"The universities make a lot of money off student-athletes in general. He (Manziel) should be able to make money. I think so," Peterson said. "They make zillions off these college athletes. They made zillions off the guys I played with and myself as well. Yeah, he should be getting paid."
Peterson starred at Oklahoma. Bryant, an Oklahoma State product who has NCAA entanglements in his own past, expressed an opinion himself earlier this week.
"I think if you are in a position where a guy wants to pay you for your autograph, your signature, you should be able to do that," Peterson added.