diff --git a/static/app/views/settings/project/projectOwnership/ownershipRulesTable.spec.tsx b/static/app/views/settings/project/projectOwnership/ownershipRulesTable.spec.tsx
index 0f3977ad274fc1..584134e665e34c 100644
--- a/static/app/views/settings/project/projectOwnership/ownershipRulesTable.spec.tsx
+++ b/static/app/views/settings/project/projectOwnership/ownershipRulesTable.spec.tsx
@@ -212,4 +212,90 @@ describe('OwnershipRulesTable', () => {
     expect(screen.getByText('mytag30')).toBeInTheDocument();
     expect(screen.queryByText('mytag1')).not.toBeInTheDocument();
   });
+
+  it('should render codeowner exclusion rules with no owners', async () => {
+    const codeownerRules: ParsedOwnershipRule[] = [
+      {
+        matcher: {pattern: '/apps/github', type: 'codeowners'},
+        owners: [],
+      },
+      {
+        matcher: {pattern: 'src/utils/*', type: 'codeowners'},
+        owners: [{type: 'user', id: user1.id, name: user1.name}],
+      },
+    ];
+
+    render(
+      <OwnershipRulesTable
+        projectRules={[]}
+        codeowners={[CodeOwnerFixture({schema: {rules: codeownerRules, version: 1}})]}
+      />
+    );
+
+    // Clear the "My Teams" filter to see all rules
+    await userEvent.click(screen.getByRole('button', {name: 'My Teams'}));
+    await userEvent.click(screen.getByRole('button', {name: 'Clear'}));
+
+    expect(screen.getByText('/apps/github')).toBeInTheDocument();
+    expect(screen.getByText('No Owner')).toBeInTheDocument();
+    expect(screen.getByText('src/utils/*')).toBeInTheDocument();
+    expect(screen.getAllByText(user1.name).length).toBeGreaterThanOrEqual(1);
+  });
+
+  it('should show exclusion rules even when My Teams filter is active', async () => {
+    const codeownerRules: ParsedOwnershipRule[] = [
+      {
+        matcher: {pattern: '/apps/github', type: 'codeowners'},
+        owners: [],
+      },
+    ];
+    const projectRules: ParsedOwnershipRule[] = [
+      {
+        matcher: {pattern: 'src/app/*', type: 'path'},
+        owners: [{type: 'user', id: user1.id, name: user1.name}],
+      },
+    ];
+
+    render(
+      <OwnershipRulesTable
+        projectRules={projectRules}
+        codeowners={[CodeOwnerFixture({schema: {rules: codeownerRules, version: 1}})]}
+      />
+    );
+
+    // Both rules should be visible with My Teams active (default)
+    expect(screen.getByText('/apps/github')).toBeInTheDocument();
+    expect(screen.getByText('No Owner')).toBeInTheDocument();
+    expect(await screen.findByText('src/app/*')).toBeInTheDocument();
+    expect(screen.getAllByText(user1.name).length).toBeGreaterThanOrEqual(1);
+  });
+
+  it('should render multiple exclusion rules', async () => {
+    const codeownerRules: ParsedOwnershipRule[] = [
+      {
+        matcher: {pattern: '/apps/github', type: 'codeowners'},
+        owners: [],
+      },
+      {
+        matcher: {pattern: '/vendor/*', type: 'codeowners'},
+        owners: [],
+      },
+      {
+        matcher: {pattern: '/build/*', type: 'codeowners'},
+        owners: [],
+      },
+    ];
+
+    render(
+      <OwnershipRulesTable
+        projectRules={[]}
+        codeowners={[CodeOwnerFixture({schema: {rules: codeownerRules, version: 1}})]}
+      />
+    );
+
+    expect(await screen.findByText('/apps/github')).toBeInTheDocument();
+    expect(screen.getByText('/vendor/*')).toBeInTheDocument();
+    expect(screen.getByText('/build/*')).toBeInTheDocument();
+    expect(screen.getAllByText('No Owner')).toHaveLength(3);
+  });
 });
diff --git a/static/app/views/settings/project/projectOwnership/ownershipRulesTable.tsx b/static/app/views/settings/project/projectOwnership/ownershipRulesTable.tsx
index 1a190d3573ebf0..b6c665bb5defb4 100644
--- a/static/app/views/settings/project/projectOwnership/ownershipRulesTable.tsx
+++ b/static/app/views/settings/project/projectOwnership/ownershipRulesTable.tsx
@@ -8,6 +8,7 @@ import uniqBy from 'lodash/uniqBy';
 import {Tag} from '@sentry/scraps/badge';
 import {Button, ButtonBar} from '@sentry/scraps/button';
 import {Flex} from '@sentry/scraps/layout';
+import {Text} from '@sentry/scraps/text';
 
 import {PanelTable} from 'sentry/components/panels/panelTable';
 import {SearchBar} from 'sentry/components/searchBar';
@@ -129,6 +130,7 @@ export function OwnershipRulesTable({
         (selectedActors === null ||
           // Selected actors was cleared
           selectedActors.length === 0 ||
+          rule.owners.length === 0 ||
           rule.owners.some(owner => selectedActors.includes(`${owner.type}:${owner.id}`)))
     );
 
@@ -186,6 +188,7 @@ export function OwnershipRulesTable({
         emptyMessage={t('No ownership rules found')}
       >
         {chunkedRules[page]?.map((rule, index) => {
+          const isExclusionRule = rule.owners.length === 0;
           const hasUnknownOwners = rule.owners.some(owner => !defined(owner.id));
           const ownerNames = rule.owners.map(owner => {
             if (!owner.id) {
@@ -208,20 +211,26 @@ export function OwnershipRulesTable({
               </Flex>
               <RowRule>{rule.matcher.pattern}</RowRule>
               <Flex align="center" gap="md">
-                <AvatarContainer numAvatars={Math.min(rule.owners.length, 3)}>
-                  {/* Avoid attempting to render the avatar stack if there are broken owners */}
-                  {!hasUnknownOwners && (
-                    <SuggestedAvatarStack
-                      owners={rule.owners as Actor[]}
-                      suggested={false}
-                      reverse={false}
-                      tooltip={ownerNames.join(', ')}
-                    />
-                  )}
-                </AvatarContainer>
-                {name}
-                {rule.owners.length > 1 &&
-                  tn(' and %s other', ' and %s others', rule.owners.length - 1)}
+                {isExclusionRule ? (
+                  <Text variant="muted">{t('No Owner')}</Text>
+                ) : (
+                  <Fragment>
+                    <AvatarContainer numAvatars={Math.min(rule.owners.length, 3)}>
+                      {/* Avoid attempting to render the avatar stack if there are broken owners */}
+                      {!hasUnknownOwners && (
+                        <SuggestedAvatarStack
+                          owners={rule.owners as Actor[]}
+                          suggested={false}
+                          reverse={false}
+                          tooltip={ownerNames.join(', ')}
+                        />
+                      )}
+                    </AvatarContainer>
+                    {name}
+                    {rule.owners.length > 1 &&
+                      tn(' and %s other', ' and %s others', rule.owners.length - 1)}
+                  </Fragment>
+                )}
               </Flex>
             </Fragment>
           );