Ryan:
First of all, stretch canvas when it's low humidity. It's counter intuitive, but canvas tends to loosen under dry conditions, and shrinks when it gets moist. Most canvas is a mixture of cotten and synethic. The cotton is what gives it the irregular texture we appreciate, and also expands and contracts with humidity conditions.
First thing you can try and do, is try spraying the back of the canvas with water, and see if that tightens the canvas enough to take out the ripples. If that doesn't work, you will just have to restretch it. Sometimes that can happen just by removing staples on two adjacent sides and stretching and restapling. After that you might have to remove other staples and redo.
Good luck!