• 2005 CBA: By mutual agreement, teams can alter the payment schedule to waived players. The remaining guaranteed salary is applied to the team's salary cap across the remaining years of the player's contract.
• 2011 CBA: The player's remaining salary and his cap hit may be stretched across twice the number of seasons remaining on the contract, plus one (for example, the salary and cap hit for a player waived with two seasons remaining may be stretched across five seasons). This is entirely at the team's discretion, but it applies only to contracts signed under the 2011 CBA.
• Who benefits? Teams with bad contracts. For example, if a team has an underperforming player with one season remaining at $12 million, the team can waive him and stretch his salary across three seasons at $4 million per season. This will help with cash flow and provide $8 million in cap relief for the current season.