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Jim VBI looked at this two different ways. Looking at whole careers and looking at a snapshot in time.
DOMINANT FOR AN ENTIRE CAREER
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Cy Young
Walter Johnson
Christy Mathewson
Satchel Paige
Warren Spahn
DOMINANT FOR A BRIEFER TIME
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Sandy Koufax (1963-66)
Bob Gibson (1968 Season, 17 year career but only the middle 10 were really great.)
Ron Guidry (1978 Season, good after that, but never like that year)
Doc Gooden (1985 Season, destroyed a potential all time great with drugs)
Pedro Martinez (1997-2003, one of the best ever for 6 innings, but you better have a bullpen)
Either way, capping it at 5 or 10 leaves out a lot of great names.