The Panthers released the veteran wideout, a source on Monday told NFL Network Insider Ian Rapoport. The team later made the news official.
The Panthers aggressively revamped their wideout room this offseason, signing Torrey Smith in free agency and making D.J. Moore their first-round pick. After catching just 17 passes last season, Shepherd was on the outside looking in at a group that also includes Devin Funchess, second-year slot man Curtis Samuel and Damiere Byrd.
Shepard now hits the open market as no sure bet to land a full-time role. With just 47 catches over five seasons, the 28-year-old pass-catcher will be lucky to latch on as a depth addition for a receiver-needy club heading toward camp.