Quoting from Pierced for Our Transgressions: Rediscovering the Glory of Penal Substitution by Steve Jeffery, Michael Ovey, Andrew Sach:
In the theology of the Bible generally and particularly in Paul’s writings, there is a sense in which believers are ‘caught’ up in the death of Jesus, such that his death becomes theirs. In Romans this emphasis comes to prominence in chapter 6, where we are said to have ‘died with Christ’ (Rom 6:8; cf. v. 2) and to have been ‘crucified with him’ (v. 6). A similar point is made elsewhere, for example, Colossians 2:20 and Galatians 2:20….
Some writers, however, have mistakenly supposed that this emphasis on what is often termed our ‘participation’ in Christ’s death excludes the idea of substitution. Or to use other terminology, they claim Christ’s death was a case of ‘inclusive place-taking’ (he shared in our experience), and this is incompatible with ‘exclusive place taking’ (Christ experienced something in order that we might not share it).
These writers are right to affirm the place of participation, but wrong to think that this displaces substitution. The two perspectives sit alongside each other in Scripture. Thus the emphasis in Romans 6:8 and Colossians 2:20 that we have ‘died with Christ’ comes together with the earlier affirmations in both letters that is was through ‘his blood’ (and not ours) that we have been justified and have peace with God (Rom. 3:25; 5:1, 9; Col. 1:20). Similarly, 1 Peter 4:1 does not overturn the substitutionary emphases of 1 Peter 2:24 and 3:18.
The atonement, like so many of God’s works, is multifaceted. (And even the word multi-faceted comes up short.) We of the pea brains must look from one direction at a time, and the temptation is to look from one direction only ever, so that we see the cut diamond as one sparkling pane of glass and nothing more.
But there’s always more. Not substitution or participation, but both; not wrath or love, but both; not expiation or propitiation, but both; not Christus Victor or penal substitution, but both—and more.
Don’t let flat doctrinal thinking keep you from embracing the diamond.