The Giants placed Shepard (Achilles) on the PUP list Tuesday, Art Stapleton of The Bergen Record reports.
Shepard had a lengthy history of lower-body injuries even before he tore his Achilles in Week 15 last season. He started jogging again toward the end of May and isn't ready to practice at the beginning of training camp. Once he's ready, Shepard could face snap competition in the slot from 2021 first-round pick Kadarius Toney and 2022 second-rounder Wan'Dale Robinson.