Karen - Thanks for the reply. I don't believe anything happened to the crown or root in the last year. It is in a row of other peonies. A few feet away on the walkway there is a puddle that forms in the rain, but its closer to other plants that are not affected.
Gary - Thanks.
LG - It could be frost damage. I don't remember what the growth looked like the last time it froze.
Okay, well I clipped it off and tossed it. Will see what happens next year.