The vicarious life and cross-work of Jesus Christ does not put the elect in a potentially saved state; rather it secured salvation for the ones that the Father gave to Christ (esp. John 6:37-40, 44).
Christ’s death also secured reconciliation for His elect (cf. Rom. 5:10; 2 Cor. 5:18-19; Col. 1:21-22; Heb. 9:12). He voluntarily gave Himself as a ransom for His chosen, on their behalf (cf. Mark 10:45; Rom. 8:32; Gal. 1:4; 3:13; Eph. 5:25-26; 1 Thess. 5.9-10; 1 Tim. 2:6): “For He has visited us and accomplished redemption for His people” (Luke 1.68).
Note the usage of the Greek preposition huper (“on behalf of,” “instead of”) to describe the actual and literal substitutionary death of Christ: “[the Father] delivered [paredōken; i.e., delivered up for sacrifice] Him over for [huper, lit., “on behalf of”] us all” (Rom. 8:32; emphasis added); “who gave Himself for [huper] our sins” (Gal. 1:4; emphasis added; cf. 3:13); “Christ also loved the church and gave Himself up for [heauton paredōken huper] her” (Eph. 5.25).
Further, to emphasize the nature of the substitutionary work of Christ on the behalf of His elect, the preposition anti is utilized in Mark 10:45: “For even the Son of Man did not come to be served, but to serve, and to give His life as a ransom for [lutron anti] many” and Matthew 20:28, which reads identically. After careful lexical and linguistic study, Greek scholar, Daniel Wallace, concludes:
In summery, the evidence appears to be overwhelmingly in favor of viewing anti in Matt. 20:28/Mark 10:45 as meaning in the place of and very possibly with the secondary meaning in exchange for. . . . (GGBB, 367).
In 1 Timothy 2:6, Paul combines the compound antilutron and huper to clearly denote what Jesus Christ literally did for His people—a ransom in their place: “who gave Himself as a ransom for [antilutron huper] all.” But because of His great love and mercy for His chosen, He not only invites them, but infallibly deliverers them: “you shall call His name Jesus, for He will save His people from their sins” (Matt. 1:21).
As Paul rightly says, “By His doing you are in Christ Jesus, who became to us wisdom from God and righteousness and sanctification, and redemption” (1 Cor. 1.30). He literally substituted Himself on behalf of His people absorbing the wrath that was due to our account because of sin. His cross-work satisfied the requirements of God’s law.
It was the perfect justice of God, which required that the perfect demands of the law should be met (cf. Rom. 3:25-27). Christ Jesus perfectly met those requirements by His active (preceptive) and passive (penal) obedience whereby substituting Himself (both in perfect His life and death) in our place.