N.T. Wright on the Atonement

"Jesus, the innocent one, was drawing on to himself the holy wrath of God against human sin in general, so that human sinners like you and me can find, as we look at the cross, that the load of sin and guilt we have been carrying is taken away from us. Jesus takes it on himself, and somehow absorbs it, so that when we look back there is nothing there. Our sins have been dealt with, and we need never carry their burden again."

"On the cross Jesus took on himself that separation from God which all other men know. He did not deserve it; he had done nothing to warrant being cut off from God; but as he identified himself totally with sinful humanity, the punishment which that sinful humanity deserved was laid fairly and squarely on his shoulders… That is why he shrank, in Gethsemane, from drinking the 'cup' offered to him. He knew it to be the cup of God's wrath. On the cross, Jesus drank that cup to the dregs, so that his sinful people might not drink it. He drank it to the dregs. He finished it, finished the bitter cup both physically and spiritually… Here is the bill, and on it the word 'finished' – 'paid in full.' The debt is paid. The punishment has been taken. Salvation is accomplished."

Quoted from: Dont Tell Me N.T. Wright Denies Penal Substitution.