Jesus mediates a new covenant, redeeming transgressions under the first covenant.
Covenant with Abram (Genesis 15)
God makes a covenant with Abram (later Abraham), promising blessings and faithfulness.
The covenant ritual involved cutting animals in half and walking between the halves.
This symbolized: "If I break my side of this covenant, you can do to me what we have done to these animals."
God's Unilateral Action
Abram falls asleep, and God alone passes between the animal carcasses in the form of a pillar of smoke.
God takes on both sides of the covenant, including the punishment for unfaithfulness.
Old Testament Context
The Old Testament recounts the people's repeated falling away from God.
In the crucifixion, God makes good on the covenant by suffering the punishment for their unfaithfulness in Jesus Christ.
Christus Victor
Focuses on Christ conquering the power of sin and death, winning the war against evil.
1 Corinthians 15
Supports this idea with the concept of death being swallowed up in victory.
Healing of Alienation
Substitution/satisfaction primarily addresses alienation between humans and God.
Christus Victor heals alienation between humans and ourselves, each other, and the created world.
Passover Parallel
The Exodus story, where God frees the Israelites from slavery in Egypt, parallels Christ freeing us from enslavement to sin.
Just as the Israelites entered the Promised Land, Jesus leads us out of slavery to sin into the Promised Land, which we anticipate in the consummation of the Kingdom of God.
Conclusion
These theories are not mutually exclusive and can be believed together.
The vastness of Christ's accomplishment on the cross cannot be limited to one theory.
Substitution/satisfaction and Christus Victor help us understand the greatness of the atonement.