The fifth-round pick is the one the Wings received in exchange for forward Scott Wilson in the Dec. 4, 2017 trade.
Jensen, 28, was in the last year of his two-year, $1.625 million contract. The Wings originally drafted him in the fifth round, 149th overall, in the 2009 NHL Entry Draft.
"I talked to Nick Jensen's agent, Ben Hankinson, quite a bit over the last two weeks about a possible extension," Holland said. "It became obvious to both of us over the last couple days there was a difference of opinion. Over the last week as I'm talking to general managers around the league, a number of teams had interest in Nick. Brian MacLellan and I talked 3-4 times over the last week and sensed he would like to do the deal and he sensed I wanted to do the deal.
"I told him one of the things I wanted as part of the deal was a second-round draft pick. As we're going through our rebuild, we got two seconds in 2019, in 2020, we got this second round pick plus our own. We're trying to accumulate some higher draft picks and at the same time moving some younger players onto our roster. And then you acquire Madison, who was a second-round draft pick and is 23 and hopefully can be good for him, good for us."
In 60 games this season, Jensen had two goals, 13 assists and was plus-1.
Bowey, who turns 24 on April 22, is a 6-foot-2, 198-pound native of Winnipeg. The Capitals originally drafted Bowey in the second round, 53rd overall, in the 2013 draft.
Bowen is in the first season of a two-year, $2 million contract.
Bowey has played in 33 games this season, recording one goal, five assists and is plus-3. But Bowey has not played since Feb. 7 at home against the Colorado Avalanche, and has been a healthy scratch in 17 of the last 21 games since playing Jan. 3 against the St. Louis Blues.
Holland said Bowey would arrive before the game and would likely play his first game for the Wings either Sunday or Tuesday.
"He'll be on the ice for practice tomorrow and then it'll be up to Jeff Blashill whether he wants to put him in the lineup Sunday or wait until Tuesday," Holland said. "At some point in time this week he'll be in the lineup here. We want to make sure when he goes in the lineup he understands the system and he feels comfortable with everything and give him a chance to hit the ground running.
"I like that he can skate. I think it's a league where it's important to be able to skate. I think if you're a defenseman, he's a guy that put up offense in junior. When you play pro hockey, do you run a power play or do you kill a penalty? Is he going to be a guy that can come in here and put up offense or is he a guy that we've got to kind of get him to focus in on killing penalties and the defensive side of the puck. We've got to get him in here, we've got to observe him for a little while, talk to him and then try to figure out how we can turn Madison into a regular NHL defenseman for us."
Jensen joins the defending Stanley Cup champion Capitals, who are second in the Metropolitan Division with 75 points, two behind the New York Islanders.
After Thursday's practice, Jensen had talked about being the subject of trade rumors and the possibility he could land with a team headed for the playoffs.
"Playing in the playoffs is obviously the main goal for everybody," Jensen said. "That's something everyone wants to do, whether it's the team you're on or not, it's tough not being in the playoffs. The potential to play in the playoffs, yeah, that's exciting but it's not the only factor that goes into this."
Jensen was not among the four defensemen who took part in the Wings optional morning skate.
The Capitals play in Buffalo Saturday afternoon and then Sunday afternoon at home against the New York Rangers.
Holland said he was not currently in discussion with the agents of the Wings' other unrestricted free agents, goaltender Jimmy Howard and forward Gustav Nyquist, about contract extensions.
"I would say to you that (we're) just going to see what happens on the trade front between now and Monday," Holland said.
