I am wondering if the grow bags make a huge difference too...In all our dirt moving, I put some in grow bags and after days and days of rain, the soil in the grow bag was only half as muddy and wet as the soil in the pots.
But I did have a horrible time getting a small tree out of the grow bag as the roots really grew into the fabric so I wonder if a peony would do the same.
I have "garden mulch." It drains pretty fast, but is a wood bark product and I read that peonies don't like wood bark.