Mike Bird explains how he sees Penal Substitution and Christus Victor as interconnected:
CV and PSA go together because Jesus is only Christus Victor because he is also Agnus Dei. PSA deprives the Satan of his key weapon: accusation against the saints!....Romans 8 and 1 Corinthians 15 both start off with the sacrificial nature of Jesus' death, but then climax in affirmations of divine victory! PSA is the basis for CV, but CV is then the goal of PSA.
He explains that of the two he thinks that CV is more "comprehensive". I think I prefer when he says it is the "goal", in the same way that the Resurrection is the climax of the one work that included the Crucifixion.
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