Since the Greyjoy expansion is supposed to come with cards that "fill-in" the holes of the LCG environment, folk might think that Paper Shield would be a good candidate.
But... do we need a card that would essentially be put in most tourney decks by default? Let me put a counter argument.
I've been playing magic lately (due to my friends moving to that game). And one thing that has been clear even now... while each color has a bit of control, blue still is the only color with counter spells. And many tounrey decks don't even use blue.
Looking at that, lets look at each House's method of control.
Stark has the best character control. They win by continually forcing you to rebuild, and that hurts more when a high claim intrigue challenge robs you of your cards and they also just wiped your board. And thier card advantage is gained through search effects. I think that already given this... they really don't need paper shield. I think a little more event immunity and some search would make up for it.
Lannister has good card advantage (draw, intrigue challenges), they have kneel effects that can slow the game down to give them time to use thier card advantage against you. They could use a cancel event. Or more appropriately they could use expendable ally.
Baratheon has been gaining some good control effects, martial law and Melisandre for example, while it's difficult and I don't recall if some of the cards are still in the LCG format. Bara has decent recursion effects and tempo control. That's right, they can control the speed of the game by renown denial, stealing power, stealing characters. Bara's form of control has to be controlling in a sense when the game is won. And I think rather than event cancel, more cards towards that end would make sense. (Maybe a card that denies unopposed power for a challenge or turn?)
Targaryen, this one is a little easier. Targ like Stark is more about board control, and they sacrifice efficency for recursion. They can more easily repeat the effect. They lack in some ways card advantage (recursion for attachments is about it...). But ambush makes up for that, denying the opponent clear knowledge of the real board position is very powerful. I also think they don't need Paper Shield.
Greyjoy, they already have To Be a Kraken, and they are a house that should have cancel effects, along with income control, milling, and the ability to exploit weakness (unopposed). This is what I hope they bring, because Greyjoy should be the disruption house.
Martel, as for martel, they do have a theme of event manipulation. And while I can't imagine the cards that could do this, but I think a nedly Martel would have cards that exploit an enemy's strengths, or forces them to resort to thier weaknesses. The opponent should think they are winning, and then have the rug pulled from under them.
I just think that instead of a be all kitchen sink control card, they should simply expand the houses own theme of control.