If "billow" refers to a wave:
* Calm
* Still
* Flat
* Smooth
If "billow" refers to a large amount of something, like smoke or fabric:
* Shrink
* Contract
* Collapse
* Flatten
If "billow" is used figuratively to describe something growing or expanding:
* Diminish
* Decrease
* Contract
* Wane
The best antonym will depend on the specific context in which "billow" is being used.