Integrated circuits with wireless communications circuitry having peak cancelation circuitry operable to perform crest factor reduction is provided. The peak cancelation circuitry may receive at least first and second carrier waveforms and may include at least a first canceling pulse generator (CPG), a second CPG, a first peak detector for performing peak detection on the first waveform, a second peak detector for performing peak detection on the second waveform, a third peak detector for performing peak detection on a combined waveform of the first and second waveforms, and a pulse allocator that receives clipping information from the three peak detectors and that controls the amount of peak cancelation that is being performed by the two CPGs. The allocator may determine whether the combined waveform contains any peaks. In response to determining that the combined waveform does not contain any peaks, the CPGs may be configured in bypass mode.