Cy Young Award
In baseball, the Cy Young Award is an honor given to the best pitcher in the Major League Baseball. The award was first introduced in 1956 by Commissioner Ford Frick in honor of Hall of Fame pitcher Cy Young, who died in 1955. The award was given to the best pitcher in the major leagues. In 1967, the year after Frick retired as Commissioner, the practice began of honoring one pitcher in each league, the American League, and the National League. The 2014 American League Cy Young Award winner was Corey Kluber of the Cleveland Indians, and the 2014 National League Cy Young Award winner was Clayton Kershaw of the Los Angeles Dodgers.
Each league's award is voted on by two members of the Baseball Writers Association of America in each league city, meaning 28 ballots are cast for the American League winner, and 32 for the National League. Each places a vote for first, second, and third place among the pitchers of each league. The formula used to calculate the final scores is a weighted sum of the votes: Score = 5F + 3S + T, where F is the number of first place votes, S is second place votes, and T is third place votes. The pitcher with the highest score in each league wins the award. If two pitchers receive the same number of votes, the award is shared between the two.
The current formula started with the 1970 season. Prior to that, writers only voted for the best pitcher and used a formula of one point per vote.