Green Bay Packers sign WR Will Sheppard

Will Sheppard's signing earns a C+ Contract Value Index (CVI), a verdict that reflects modest investment in a depth addition during the preseason window. At $885K on a one-year deal, this is replacement-level cap expenditure—the kind of signing that trades organizational flexibility for minimal upside, which aligns with a team currently outside playoff positioning at 9-7-1 and nursing a four-game losing streak. The salary floor itself isn't prohibitive, but the absence of guaranteed money or multi-year commitment suggests the Packers view Sheppard as a camp body or practice-squad caliber contributor rather than a core roster piece. From a value perspective, the CVI grades this deal as middling because the risk-reward skews toward opportunity cost: for the same slot, Green Bay could have allocated resources to proven talent or kept cap space loose heading into regular season adjustments. Sheppard carries typical developmental or journeyman risk—limited guaranteed security and short runway to prove NFL viability. In the preseason context, this is the kind of low-stakes flyer that doesn't move the needle on team construction, but it also won't hurt depth-chart flexibility if the investment doesn't pan out.