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In short, the Stretch Provision allows a team to take the money owed to a player and stretch the cap hit out over an alloted number of seasons. Per the new CBA, the team can stretch it out for twice as many years remaining plus an additional year. So, if the Pelicans were to stretch Eric Gordon this summer, they could stretch that $30.4 million over five seasons (2 x 2 +1) or if they stretch him next summer, they could stretch his final year that he is owed $15.5 million over three seasons.
This rule allows you to spread out the remaining money owed to a player, not cut out $$$ that is owed to him.