In The Neyer/James Guide to Pitchers Bill James introduced a formula designed to pick the Cy Young award winner (not it should be noted necessarily the best pitcher in the league, but, the pitcher most likely to be thought the best by the Cy Young voters).

The formula is:
wins times 6
minus losses times 2
plus strikeouts divided by 12
plus saves times 2.5
plus shutouts
plus runs saved
plus 12 points for pitching for a division winner

(Runs Saved James calculates as ((5-era)/9)*innings pitched)

James claims 'the system picks the actual winner of the Cy Young award more than 80 percent of the time, and often picks the top finishers in something near their voter order'.

Here are the year-to-date leaders in both leagues:

AL

Player	Team	IP	ERA	W	L	SV	SHO	K	CY score
Rivera	Yankees	58	1.55	3	1	38	0	46	149.06
Mulder	As	162	3.5	15	3	0	1	110	133.17
Nathan	Twins	49.2	0.91	1	0	31	0	57	122.58
Cordero	Rangers	46.1	1.95	2	0	33	0	51	114.36
Schilling	Red Sox	154.2	3.39	13	5	0	0	137	107.08
Santana	Twins	152.2	3.31	10	6	0	1	173	103.97
Vazquez	Yankees	148.2	4.07	13	6	0	0	114	102.83
Rogers	Rangers	142.2	4.3	13	4	0	1	81	88.75
Martinez	Red Sox	143.2	4.09	11	4	0	0	143	84.47
Brown	Yankees	95	3.6	9	1	0	0	60	83.78

NL

Player	Team	IP	ERA	W	L	SV	SHO	K	CY score
Gagne	Dodgers	54.2	1.66	4	1	32	0	79	140.69
Schmidt	Giants	157.2	2.75	14	4	0	2	175	131.92
Benetiz	Marlins	50.1	1.26	2	1	33	0	45	117.08
Clemens	Astros	143.1	2.7	12	3	0	0	147	114.75
Isringhausen	Cardinals	54.1	2.5	3	2	29	0	46	112.39
Ortiz	Braves	145.1	3.16	12	6	0	0	108	110.61
Pavano	Marlins	151.1	3.22	12	4	0	1	94	102.78
Smoltz	Braves	56	2.09	0	0	27	0	60	102.61
Johnson	D'Backs	164.1	2.96	11	9	0	2	184	102.5
Mesa	Pirates	47.1	2.29	2	1	30	0	28	101.5

Closers to win both Cy Youngs ?

(notes: I awarded the 12 points as division winners to members of the Yankees, Twins, As, Braves, Cardinals and Dodgers - as they are the current division leaders.
Stats were taken before Saturdays games from dougstats.com.)