As much as I hate to say it, I think Copeland is the leader right now. Fred Reid is a good back, but not MOP material just yet. Aside from his 200-yard game against B.C. when the Lions couldn't stop anything, he hasn't done anything that any other back hasn't.
Watkins is the receiving leader, but he's only ahead of Copeland by 7 yards, and if you look at the TD column, Copeland is leading 11-5. Not only is that a significant lead, but it's absolutely mind-boggling that he has that many touchdowns already. In his last four games he's scored 2, 2, 1, and 2. If he keeps up his current pace, the award will be his. AC would have to have another 5,600 yards and 43 TDs season, but considering he only has 14 TDs right now, I don't see that happening.