Well, "poison pill" is the wrong term, but, yes, the Pelicans cannot offer that sort of contract because Tyreke has more than two years in the league. As such, they can only offer the standard 4.5% raise. (
link) In the end, the "big raise in year three" construction doesn't raise the total value of the contract - it's still limited by the offering team's cap space and maximum raises. The contract is just redistributed to allow a team with no Bird Rights on an RFA and only an MLE available to have the ability to match by restructuring the contract such that the MLE is sufficient.