In 1930, he was promoted to co-player-coach for the final two games of the season with another future Hall of Famer, Benny Friedman. The 2–0 finish was a premonition of Owen's future long-term success as sole head coach starting the following season. In an unusual move for the time, he didn't sign a formal contract with owner Tim Mara. He would coach the next 23 years on a handshake. He retired as a player following the 1931 season, except for a brief comeback in 1933, helping the Giants go 11–3 and get to the title game, the first of eight appearances the Giants would make during his tenure.