The Cy Young Award is a prestigious honor in Major League Baseball given annually to the best pitchers in both the American and National Leagues. It was created in 1956 to recognize excellence in pitching, reflecting the contributions of Hall of Famer Cy Young. Winning the award signifies a player's outstanding season, including categories such as earned run average (ERA), strikeouts, and wins. The award enhances a pitcher's reputation, impacting future contracts and Hall of Fame considerations, and is a significant achievement in a player’s career.