Yeah. There's where I think you are mistaken. Shared does not mean "instead of" but it can.
I don't share your conclusion

. But I'll, for the sake of argument, grant it may. The problem is Scripture offers no reason for it to mean "instead of".
Bear with me a moment.
Scripture walks us through the death appointed to man and then the judgment.
Scripture tells us exactly what happened with the Fall (whatever "death" Adam introduced God equated with "for dust thou are and to dust thou will return).
Scripture tells us that death (the "first death") is produced by sin itself as something we earn (a wage).
Scripture tells us that God forgives when we repent and believe in Him.
Scripture tells us that we are made new creations in Christ.
The "problem" penal substitution theorists try to solve is one they impose on God, and that is a very questionable judicial philosophy.
Scripture itself (if we just take the text as complete) explains sin, death, redemption, forgiveness....and this without penal substitution theory.
Penal substitution theorists find this lacking because it does not meet the demand they put on God to punish sins and satisfy their judicial philosophy. So they say "but maybe world can mean some people", "maybe all can bean some", maybe bore means bore instead of us", maybe shated means instead of us".
Problem is there is no need for this.
But we escape the final wages of sin.
I strongly disagree. The reason is Scripture (as you acknowledge) tells us the wage of sin is death as sin produces death. The wages of sin (what sin produces) is death.
I go back to "it is appointed man once to die and then the judgment".
God's judgment is not a wage of sin. It is not something sin begats. It is the action of God. And it not punishment for sins. It is God's righteous condemnation of the wicked who are condemned because the Lighthas come into the world and they rejected the Light because their deeds were evil.
Judgment on the wicked is far worse, far more significant than the wages of sin. It is the second death. It is final, when the "wicked will be punished with everlasting destruction and shut out from the presence of the Lord".
I'm not sure how to take teaching it like this. I agree that the reality of being a new creation in Christ is a neglected doctrine in some circles. But it is not Steve being changed into Dave. It is Dave the old man being made into Dave the new man. If you don't do that then you have no logical connection between the two and the scripture seems to see importance in teaching that YOU are made a new creature. Otherwise, it could just be a matter of destroying Steve and making a Dave. But that is not good news for Steve!
Lol....I guess it isn't good news for the "old man". But he must go. We must die to the flesh, and if saved we will as we are transformed into the image of Christ, refined as precious metal is refined in a furnace.
But this is what Scripture actually says. We must die to the flesh, to the "old man", to Steve. Abd we must be "made anew", "made new creations".
This is a huge difference between our positions. I don't think it is where the drift between views begin, but it highlights a difference in how God is just and justifier.
Let's look at the two views:
A. God removes the old heart, the old spirit and gives man a new heart and spirit. God puts His Spirit in man. God makes man a new creation, the old passes and the new is established. God transforms man into the image of Christ. Man is born of the Spirit. Man no longer has a mind set on the flesh but a mind set on the Spirit. Man is made into the image of Christ. Man dies to sin. The "old man" dies. The guilty is made not guilty. The unrighteous is made righteous so that at Judgment he is not numbered among the wicked. In Christ there is no condemnation.
B. God must meet the demands of justice, therefore God takes our sins znd transferrs our sins to Jesus. On the cross God punished our sins laid on Jesus satisfying the demands of divine justice and clearing our sin debt. God then takes the man and declares him justified based on the righteousness of Christ. H9d gives the man a new heart and spirit. The man is forgiven, although is still guilty.
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I believe it is up to each person to decide which one of those views are in the text of Scripture. We are accountable to God, not one another, in regard to our faith and what we teach. I just believe we all (myself included) need to approach testing our faith prayerfully with open Bibles every chance we get.
Which movie did you like best?
I think I liked the 1998 movie better than the musical.