Right now, Cliff Lee is the front runner for American League Cy Young; however, with his 13-2 record and 2.90 era Dice-K should at the very least be in the running as one of the top 5 current Cy Young contenders. The biggest knock against him is that he does not go deep into games (tonight was his longest outing of the year). There is a precedent for Cy Young winners not going deep into games. Roger Clemens was essentially a 7 inning pitcher and did not have a single complete game when he won the Cy Young in 01 and 04. In 04 he was 18-4 with a 2.98 era and in 01 he was 20-3 with a 3.51 era. Both those years where similar to Dice-K's current one.
If the voting where held today, here is how it probably should go.
1. Cliff Lee
2. Roy Halladay
3. Joe Saunders
4. Daisuke Matsuzaka
5. Justin Duchscherer