The Packers waived Shepherd on Tuesday, Rob Demovsky of ESPN.com reports.
The Packers signed Shepherd as an undrafted free agent hoping he'd shape up as a return man, but his performance wasn't explosive enough to overcome the demerits. He muffed a punt in Week 6 that the Lions recovered deep in Green Bay's territory, and he has negative-9 yards on the punt return this year while he hasn't returned a kick farther than 25 yards. The Packers promoted Tremon Smith from the practice squad to take over as the team's main returner.