I think your criteria are similar to those used by most voting for the Cy Young, and that's the reason many discount the Cy Young as an award for the best pitcher. As I see it, you've established 3 criteria - pitching (ERA, K's, WHIP, etc.), wins and overall team success. Of those, only the first is mostly within the pitcher's control. Run support is a major factor in wins, and overall team success depends on the rest of the pitching staff as well as offense. Therefore, since Colon will not be bringing his run support or fellow pitchers, the Cy Young is basically irrelevant to the current discussion.