This appears to be the corresponding move for Green Bay to bring WR Tavon Austin on board.
Shepherd, 25, wound up going undrafted out of North Dakota State in 2019. He later agreed to a three-year, $1.71 million contract with the Packers and managed to make the 53-man roster coming out of the preseason.
The Packers later waived Shepherd and he’s bounced on and off the practice squad and active roster since then.
In 2020, Shepherd has appeared in eight games for the Packers and caught five passes for 46 yards. He has also totaled 227 kick return yards.