Michah Owings lost a tie-breaker decision to Mike Fontenot (and one other player, Adam Jones) regarding Super Two status. All three had 2 years and 139 days of major league service time. By being designated a Super Two, Fontenot is arbitration eligible this year and for the next three years before free agency. Owings is not, and won't be arbitration eligible until next year.
Basically, that means the Reds will likely renew Owings' contract rather than non-tender him, the likely outcome were he arbitration eligible. Here is a more detailed explanation of Super Two status.