Given the reference text about the Cy Young Award, please describe what the award is and why it is awarded.

The Cy Young Award is given annually to the best pitchers in Major League Baseball (MLB), one each for the American League (AL) and National League (NL). The award was first introduced in 1956 by Baseball Commissioner Ford Frick in honor of Hall of Fame pitcher Cy Young, who died in 1955. The award was originally given to the single best pitcher in the major leagues, but in 1967, after the retirement of Frick, the award was given to one pitcher in each league.

The Cy Young Award is given to the best pitches in the American and National leagues of Major League Baseball, for their achievements that exceed those of their peers.