Does not mean it was right. Don't think United would ever offer Ronnie more than 150k.
None of the big clubs in Premiership would pay Owen anything more than 100k, even that is probably pushing it given likes of Berbatov and Adebayor are touted to get 80k. Rooney at this stage is more marketable than Owen and far better player, he reportedly gets somewhere around 100k.
If Owen had stayed fully fit for more than 2 mnths at Newcastle, then such a contract would make some sense, but given his appearance record, its mental to throw away such money on an unreliable player.