Moyer doesn't deserve it at all, the only thing he has is a high win total. Hudson is much more deserving of the Cy Young than Moyer. His ERA is over a run better (as is Loaiza's), he has more quality starts, a better BAA, and he has a higher winning percentage than Moyer does. In my opinion there are only two contenders in the race for the Cy Young, Hudson and Loaiza. This could change greatly in the next month however.
My list
1. Loaiza
2. Hudson
3. Mussina
4. Halladay
5. Martinez