As of now, I believe it still stands. In our particular circumstances if Shea retires early I think they'd end up negating at least part of it.
Here are my thoughts on why they SHOULD negate most of it--
It was our own RFA -- we were matching a contract devised by another team designed to hurt a smaller market (poorer) team, minimizing cap hits while maximizing early salary. We didn't need the minimized cap--we had plenty of space. Any cap hit we were "saving" by the contract structure wouldn't have put us over except for, I believe, 1 year.
Maybe we should pay back the amount of cap space we would have been in excess that one year, but in reality maybe not--we paid salary+ bonus way over normal the first 5 years of that contract JUST to keep our player.