Owings can earn an additional $500,000 in performance bonuses based on plate appearances as part of the deal announced Wednesday: $50,000 each for 325 and each additional 25 through 500, and $100,000 for 550.
The 27-year-old Owings hit .206 in 106 games this year. He made 33 starts in right field, 10 in center, nine at third, eight and second and three in left. He had 12 homers and 51 RBI in 2017.
Owings had a $3.4 million salary this year, was eligible for salary arbitration and likely would have received a raise. But the Diamondbacks failed to offer a 2019 contract by last Friday's deadline.
He is eligible for free agency after the 2019 season.