Yes, he is the baby's daddy, while his wife is struggling with terminal cancer.
Let's not forget this:
Mr. Young, who has since renounced that statement, has told publishers in a book proposal that Mr. Edwards knew all along that he was the child’s father. He said Mr. Edwards pleaded with him to accept responsibility falsely, saying that would reduce the story to one of a political aide’s infidelity.
In the proposal, which The New York Times examined, Mr. Young asserts that he assisted the affair by setting up private meetings between Mr. Edwards and Ms. Hunter. He wrote that Mr. Edwards once calmed an anxious Ms. Hunter by promising her that after his wife died, he would marry her in a rooftop ceremony in New York with an appearance by the Dave Matthews Band.
Damn, had to drag Dave and his band through his DRAMA.