#5 Trevor Cahill SP Oakland Athletics
When anybody think of the best young pitcher in baseball right now, the name Stephen Strasburg pops into just about everyone's head. But 22 year old Trevor Cahill, who is just two months older than Strasburg, may be the most underrated young star in the game. Cahill had a solid first half, earning his first career all-star bid, and has been absolutely dominant since then. He currently comes in at 12-4 with a 2.56 ERA and an incredible WHIP of .98, which is 2nd in the AL. One of Oakland GM Billy Beane's few early draft picks straight out of high school, Cahill will have many opportunities throughout his career to pick up a Cy Young Award, even if it doesn't quite happen this year.
#4 David Price SP Tampa Bay Rays
Keeping up with the youngster theme on the list, 24 year old David Price has emerged as one of the best pitchers in baseball this year. Most people expected him to be a front-end starter at some point when he was drafted #1 overall in 2007 out of Vanderbilt, but little expected it to come this quick. Price showed his dominance in the 2008 ALCS vs. the Red Sox as a rookie, but struggled to stay consistent as a rookie last year. This year, he was the starter in the All-Star game for the AL, and currently sports a league leading 15 wins, just 5 losses and a low 2.84 ERA.
#3 Cliff Lee SP Texas Rangers/Seattle Mariners
Typically when someone spends the first few weeks of the season on the DL, and then changes teams in early July they are not up for postseason awards consideration, but then again most people are not as dominant as Cliff Lee. Lee started the season with Seattle, but after starting the year injured and the team starting extremely slow, he was dealt to Texas for their playoff run. Lee at the moment leads the league in ERA (2.44), WHIP (.916) and Complete Games (7), while showing a 10-5 record between the two clubs. The 2008 AL Cy Young winner should be right back in contention again this year.
#2 C.C. Sabathia SP New York Yankees
#1 Clay Buchholz SP Boston Red Sox
Honorable Mention
Jered Weaver, LAA
Carl Pavano, MIN
Jon Lester, BOS
C.J. Wilson, TEX
John Danks, CHW
Mariano Rivera, NYY
Andy Pettitte, NYY (injury)
Jeff Niemann, TBR (injury)
Rafael Soriano, TBR
Daniel Bard, BOS
EDIT: I took Buchholz's start tonight into consideration, but not Lee's. Buchholz is now the AL leader in ERA, while Lee struggled a bit, and his dropped.