The Giants activated Shepard (Achilles) from the PUP list ahead of Wednesday's practice, Dan Salomone of the Giants' official site reports.
The transaction rules out the possibility of Shepard landing on the reserve/PUP list to start the regular season, which would mean an automatic absence of at least four games. Shepard may or may not be back Week 1, but the Giants apparently think he can be ready at some point in September. His return could affect rookie Wan'Dale Robinson, who has been the No. 3 receiver with the first-team offense throughout training camp and the preseason. Then again, Shepard also has experience lining up on the perimeter, where the Giants face the challenge of keeping Kadarius Toney (leg) and Kenny Golladay healthy and productive.