Here are two ways to accomplish the task:
\documentclass{article}
\usepackage{IEEEtrantools}
\begin{document}
First way, ``automatic'':
\begin{IEEEeqnarray}{rCll}
P^2 &=& \frac{1}{16}\cdot\biggl(&-a^4-b^4-c^4-d^4\nonumber\\
&&& {}+2a^2b^2+2a^2c^2+2a^2d^2+2b^2c^2+2b^2d^2+2c^2d^2\biggr)\nonumber\\
&& \rlap{$\displaystyle-\frac 12 abcd\cos(\alpha+\gamma)$}
\end{IEEEeqnarray}
Second way, ``with hints'':
\begin{IEEEeqnarray}{rCl}
P^2 &=& \frac{1}{16}\cdot\biggl(-a^4-b^4-c^4-d^4\nonumber\\
&&\hphantom{\frac{1}{16}\cdot\biggl(}
+2a^2b^2+2a^2c^2+2a^2d^2+2b^2c^2+2b^2d^2+2c^2d^2\biggr)\nonumber\\
&& -\frac 12 abcd\cos(\alpha+\gamma)
\end{IEEEeqnarray}
\end{document}
With \rlap in the first way, the entry doesn't take any space. In the second way, we use a phantom to push the second line to the right.
The result is the same in both cases:
