The Terps lost two games to ranked opponents and have a slate full of top-25 competition ahead.
It's the first Big Ten weekly honor of Jones' career.
Five Terps reached double-digit scoring.
Cowan put up 31 points, six rebounds and six assists against Iowa on Thursday.
Cowan finished with a career-high 31 points, adding six rebounds and six assists.
Hawkeyes center Luka Garza — the Big Ten's leading scorer — picked up two early fouls, limiting his impact.
The Terps lost to the Hawkeyes earlier this season in Iowa City.
“Him hitting shots is big for us,” guard Darryl Morsell said. “It just gives us a whole different dynamic.”
The Terps will try to stay undefeated at home.