Despite beating Edinburgh City 2-1 at Balmoor, Peterhead were forced to settle for second spot in League 2 after a draw at home to Elgin clinched the title for Montrose.
The two results mean that the Angus side claimed the trophy by one point on Helicopter Saturday as the Blue Toon now face four play-off matches if they are to be promoted back to League 1 at the first time of asking.
They will travel to Stirling Albion on Wednesday night before welcoming the Binos to Balmoor on Saturday.
Should they win that tie they will play either Stenhousemuir or Queen’s Park the following week.
Speaking after the win over Edinburgh, Peterhead boss Jim McInally said: “We were nervy and didn’t really play well, especially in the second half then lost a poor goal.
“To our credit, we kept going and scored a late winner but it was a flat atmosphere and we managed to achieve the target I set the players to win our last six games.
“Credit to Montrose and if we were to lose it to anybody I’m glad it is them as they are a good club with a lot of good people.
“Guys that have suffered for years and they will enjoy tonight and hopefully we can join them.
“Our players need to get over the disappointment quickly and focus on the playoffs .
“Montrose have done it the hard way and you have to take your hat off to them.
“It would be great to join Montrose as there will be so many Angus teams in division one next season.
“Russell McLean will be available for the Stirling Albion games and we are all fit and well.”