First he dealt with some injury troubles, then the Ottawa Senators sent him to the Toronto Maple Leafs as part of the Dion Phaneuf trade, and now he's lost his arbitration hearing against the Leafs, meaning he is now a free agent after having been bought out, despite said buyout happening while he was injured.
Though he has yet to hit his prime - some defensemen only hit it around the age of 26, and the bigger ones tend to take longer as they grow into their bodies, and Cowen's 6'5" and 230 pounds - and still young at 25 years old, he's already been bitten by the injury bug and has now also been bought out and traded, meaning two teams have given up on him, none of them Stanley Cup contenders.
It may prove difficult for him to score another contract that pays in the $3.5M range for the next couple of years, despite being a former first round draft pick (9th overall, 2009).
Maybe the Montréal Canadiens should give him a try; he certainly looks good in their colour pattern, as can be attested by card #71 from In The Game's 2009-10 Heroes And Prospects set, showing him wearing the Spokane Chiefs' red (away) uniform, and sporting the captain's "C" to boot:
2014-15 O-Pee-Chee set: