Martin had suspended the two last month for undisclosed actions detrimental to the team. The third-year coach said then he'd revisit the penalties at the end of the regular season.
Martin said Tuesday he had not had a chance to speak with the players, only that they would not accompany the team to Nashville, Tennessee. The Gamecocks (15-15) are the 11th seed and open play Wednesday against Missouri (9-22).
Henry started 19 of 21 games this season, averaging six points and 3.6 rebounds. Sheppard had played seven games averaging less than two points and two rebounds a game.