I see nothing in Peja's personality that would indicate he would do anything other than honor his committment and give 110% out on the floor every night, unlike the spoiled punks that this country raises to play basketball.
That being said, the problem is not whether Peja will stay or play his best, it is whether the Kings should cut their losses regarding Webber and focus on building the team around Peja and the existing supporting cast. I feel that would be best for the team. Only an idiot wouldn't see or admit what a tremendous disruption and liability Webber is, last season he proved it in spades. He's soft, he's disruptive, he's injury-prone (or maybe more like just a little crybaby sissy), and he is NOT a leader, he chased the leader out of Sacramento, nor is he a good fit in the Kings offense. The problem is the huge amounts of coin the Maloofs have tied up in his sorry behind.
If none of that works out, what I wouldn't give to see him in Purple and Gold. not everyone agree's with this, but the cat is a legit superstar, he's just not the flashy bling-bling type that this country produces, he could easily be the centerpiece of a title contender, given the right mix of support, and Adelman installing some semblance of defense.