He has pitched very well lately, yes. But the Cy Young is for the entire season. And it definitely doesn't matter one bit how good or bad the team is. Zack Greinke won the AL Cy Young in 2009 on a horrible Royals team. Lincecum won it in 2008 and 2009, and the Giants missed the playoffs both those years. Actually, the last NL pitcher to win the Cy Young AND make the playoffs in the same season was Chris Carpenter in 2005.
Adam Wainright is definitely ahead of Hudson in the race. Not even you can deny that, and if you do, then idk what to say. His K/BB ratio is so far superior. Josh Johnson is interesting. He probably needs his team to get him a few more wins, but if you don't look at record, then I'd put him over Hudson as well.
Believe me, I'd love Hudson to win it. But I'm tellin ya that his strikeout total and K/BB ratio is going to kill his chances. He'd need one of the other contenders to implode to win it.
Maddux's lowest K total in his Cy Young streak was 156. Hudson won't even approach that. And it was more his K/BB ratio than any lack of Ks. Maddux walked very few batters those last two years.