@Armchair Apologist
Here is a shorter summary of my view -
In the Old Testament a sacrifice of atonement was made. The high priest entered the Most Holy Place with the blood of an animal offered as an atoning sacrifice and with that blood he made atonement for his sins.
The people offered a sacrifice of atonement. The animal's blood was shed (the animal was killed). The high priest entered the Most Holy Place with the blood and made atonement for the people's sins.
I believe this is an illustration foreshadowing the work of Christ.
When Christ came as High Priest He went through the greater and more perfect tabernacle that is not made with human hands. He entered the Most Holy Place once for all by his own blood. This is how He obtained eternal redemption.
The Cross was God reconciling mankind to Himself, not taking sins into account. Jesus is the Firstborn, the second Adam (man and God reconciled in the Person of Christ).
God set forth Christ as an atonement through His blood to be applied, or recieved, by faith. It is Christ's blood that cleanses from all unrighteousness.
And it is because of this Atonement, this eternal redemption obtained by Christ, this Reconciliation of mankind to God in Christ, that we plead with men to be reconiled to God.
The Atonement in terms of Christ obtaining redemption for mankind, for Christ being the Propitiation for all mankinds sin, for Christ being the Mediator for those who believe, for Christ interceding for us when we do sin, for Christ being the second Adam, the representative of new man, being our High Priest, being the Firstborn...all of this os accomplished on the Cross. Christ IS the reconciliation of God and man - the Son of God and the Son of Man.
But OUR atonement is not accomplished on the cross. The cross was God setting forth His Son as a Propitiation through His blood. BUT the blood must be applied. We must be cleansed of all unrighteousness. We must be washed in the blood.
God set forth His Son as a Propitiation through His blood to be received by faith. Through faith this blood is applied. This is "making atonement for our sins".
Rather than an atonement theory based on satisfying God's justice I believe that Christ's blood cleanses us from all unrighteousness, that we are made new creations in Christ, that the old ends and the new begins.
The New Covenant is God's righteousness manifested apart from the Law. The law is fulfilled not by punishing the just to clear the guilty. It is fulfilled by cleansing us from all unrighteousness, removing the sin and the guilt, conforming us into the image of Christ.
Christus Victor is incompatable with Penal Substitution Theory because if one is true the other is obsolete.
There is no need to punish the sins of the guilty if the guilty will not exist at judgment, if the guilty will perish before that time and be made into a new creation, conformed into the image of Christ.
There is no need to make us new creations, cleanse us of unrighteousness, conform us into the image of Christ if we can be cleared of all sin by the legal action of punishing the Righteousness for what the wicked have done.