Looks like it would lower the cap and the tax hit:
Quote:
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"Stretch" exception: This exception would allow teams to waive a player and stretch his pay (and salary cap hit) over an extended period of time. The agreed-upon formula is as such: double the number of years left on the player's deal, plus one (so Player X who has two seasons remaining on his deal would be paid over five seasons). It's unclear how often this would be available to teams, but it's likely to be at least once per season.
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http://sportsillustrated.cnn.com/201...als/index.html