Signing Owens makes perfect sense for the Jets. They just released Laverneus Coles, their talented wide receiver. They do not have a definitive quarterback. Why not give the two guys fighting for the QB job a WR who can actually catch the ball and draw double or triple coverage?
With the current corps of wide receivers, other teams can just use single coverage and use the extra guys to rush a young quarterback. This does not bode well for the Jets, no matter how good their offensive line is.
I know that Owens brings baggage and problems, but the New York media loves that kind of stuff. Not to mention that Rex Ryan will not tolerate any of his nonsense. Now that Owens' image is damaged, he is going to need to behave to get a contract down the line with another team.
I do not think many teams will be bidding on Owens because of his past and the drama he can bring to a team, which often seems to overshadow his considerable talent. This allows the Jets to get him for a fairly cheap price. If they sign him to a one-year contract, he is forced to behave so that he can repair his image and get a better contract if he so chooses when the season ends.
At the least, it can't be any worse than the risk they took with Brett Favre.