The Falcons signed Angerer to a contract a little over a month ago, but he was unable to secure a roster spot last week and led to him being among the team’s final roster cuts.
Angerer, 27, was selected by the Colts in the second-round draft of the 2010 NFL Draft. Last year, he totaled 63 tackles, 0.5 sacks and an interception over the course of 11 games.
Pro Football Focus had Angerer rates as the No. 36 inside linebacker in the league last season.
Sheppard, 26, is a former third-round pick of the Buffalo Bills. However, he last just a few years with the team before he was traded to the Colts in return for Jerry Hughes. The Colts wound up releasing Sheppard last weekend as they trimmed their roster down to 53 players.
In 2013, Sheppard recorded 46 tackles, one sacks, and a pass defense over the course of 15 games.