Wood pizza peels should never be soaked in water.
If necessary they can be seasoned or sealed with oil.
To seal, wipe any food safe oil (like mineral oil) on the surface of the peel.
Some oils will eventually go rancid; these oils should be avoided.
If sealed, the peel is less likely to pick up unwanted odors, food particles and moisture.
This will not increase the life span of the peel.
Peels eventually wear out.
If peel warps, leave overnight with the warp facing up and it should flatten out.
Avoid leaving on hot surfaces, which could increase chance of warping.