The Facts: The Giants and Shepard have reached agreement on a restructured contract, sources tell NFL Network's Mike Garafolo and Ian Rapoport.
Diehards Line: The longest-tenured player on the roster is sticking for a seventh season. According to previous reporting, the Giants asked Shepard, who is recovering from a torn Achilles suffered in December, to take a significant pay cut in order to return. The Giants signed Shepard to a four-year, $41 million extension in April 2019 -- shortly after trading Odell Beckham Jr. -- but changed the cash flow last season by restructuring his deal to create more cap space in dire times. They turned nearly $6 million of his salary into a signing bonus that created $4 million in space and was supposed to make it more financially difficult to cut Shepard. But then came Shepard’s latest injury-plagued season, the Giants’ latest regime change and the plan to get out from being $12 million over the cap to as much as $40 million under it without kicking the can down the road through more restructures. Shepard remains quarterback Daniel Jones’ favorite target when healthy — he had 16 catches for 207 yards and one touchdown through the first two games of last season before pulling a hamstring — but he has missed 20 games since 2019 due to various injuries.