In [fellowship with] Christ we have redemption [i.e., we have been bought back from Satan] through His blood, and have forgiveness of sins according to the abundance of God's unearned favor,

It is in [fellowship with] Christ that we [Jewish Christians] also were selected as [God's] inheritance [i.e., to receive His never ending blessings], having been predetermined according to the plan of God, who works out everything in harmony with what He wants.

restored [spiritual] life to us with Christ, even though we were [spiritually] dead because of our sins --- it is by God's unearned favor that you have been saved.

For you have been saved by God's unearned favor, through [your] faith, and that [salvation] was not the result of your own doing; it was the gift from God.

But now [that you are] in [fellowship with] Christ, you [Gentiles], who were once far away [from God], have been brought near [to Him] through the blood of Christ.

which was not told to people of previous generations as it has now been revealed to His [i.e., Christ's] holy apostles and prophets by the Holy Spirit.

[I was given the responsibility] to enlighten all people regarding the working out of God's secret plan, which has been kept hidden for ages in [the heart of] God, who created everything.

And you should put on the new person who has been [re-] created to be like God in true righteousness and holiness.

So, it says, "You who are asleep, wake up and rise from the dead, and Christ will shine on you [i.e., illuminate you]." [Note: The foregoing words may have been an early saying, used at someone's immersion, which included the ideas of "rising up" (See Col. 2:12) and "illumination" (See Heb. 6:4)].