In that the Church redefined and misunderstood pauline justification past 2000 years?
I would describe N.T. Wright's soteriology as "hyper-covenantalism."
Reformed Baptists see the New Covenant as equal to the invisible church: the set of all elect. Entrance into the New Covenant is upon faith. The difference from the Old Covenant is that it is not based on physical descent and incorporation or communal blessings, but rather individual faith. The olive tree of the New Covenant is the faithful remnant of Jews from the Old with the believing Gentiles grafted in by faith. The olive tree will forevermore contain only believers.
Orthodox Presbyterians see the New Covenant as equal to the visible church: primarily, the set of all believers and their physical children who are properly given the sign of the covenant--baptism--which succeeded circumcision. Entrance into the New Covenant is by faith or by baptism with the proxy of faith from a believing parent. There is a continuation of the communal structure of the Old Covenant into the New Covenant such that its members can be either regenerate or unregenerate ("covenant breakers").
Federal Vision advocates take the communal idea of the New Covenant further and stretch it to include assemblies that hypothetically may contain no regenerate members. Entrance into the New Covenant is Trinitarian Baptism, which could be performed by an apostate, unregenerate "minister" upon an unregenerate congregant. Roman Catholics are members of the New Covenant, but are not necessarily elect. In this view the New Covenant could contain many more unregenerate than regenerate members (thus, many "covenant breakers").
New Perspective on Paul advocates have some views similar to Federal Vision in their broad, communal view of the New Covenant. However, their soteriology seems to be closer to their covenantal view, and justification itself is more communal than individual.
The more and more "hyper-covenantal" one is, the more one tries to blur the distinctions between covenant Israel and the church and turn everything into communal centrism with seeming sacramentalism rather than individual justification and ordinances redefined from the types and shadows that exist in the Old Covenant.