Overdrive voltage $|V_{OV}| = |V_{GS}|-|V_t|$ is the quantity that governs the operation of the MOSFET
For the MOSFET to operate in the saturation region ($|V_{DS}| ≥ |V_{OV}|$), and the resulting:
$$ i_D = \frac{1}{2} \mu n C{ox}(\frac{W}{L})V_{ov}^2 $$
For PMOS, replace $\mu _n$ with $\mu _p$
If $|V_{DS}| < |V_{OV}|$, the MOSFET operates in the triode region, which together with cutoff is used for operating the MOSFET as a switch