Translation
whom THEOS set in place before hand as an atoning sacrifice,
Go to footnote numberthrough faith in His blood, as a demonstration of His righteousness, because in the willingness of THEOS to hold back [the punishment due], He overlooked previous sins.
Paraphrase
This Spirit-Anointed Savior was prepared before hand by THE CREATOR AND OWNER OF ALL THINGS as the sacrifice that would atone for our sins when we place our faith in His blood. By doing it that way, He proved His righteous holiness, because THE CREATOR AND OWNER OF ALL THINGS, in His willingness to hold back the punishment we deserved, was willing to overlook previous sins.
Footnotes
1: Atoning sacrifice
This word usually has something to do with “the offering of an atoning sacrifice,” sometimes called “propitiation.” The emphasis seems to be on “the victim of the sacrifice,” i.e. “the lamb.” It can also mean “the mercy seat,” which was the cover of the Ark of the Covenant that was placed in the Holy of Holies. According to Lev 16:14, once a year there was blood sprinkled “on the Eastern face of the Mercy Seat” and “seven times before the Mercy Seat.” It sounds like that means on the side of the Ark of the Covenant/Mercy Seat and then on the ground in front of it. I believe the emphasis of this word is the shedding of the blood of the sacrificial animal. The fact that the writer of Hebrews chose to connect it to the Mercy seat in Heb 9:5 has no bearing here. The emphasis is on the atoning sacrifice, regardless of where the blood was sprinkled. To say, as some do, that God chose Jesus before hand to be “the Mercy Seat” takes the meaning of this word at least one step away from what I think this verse intends to communicate, that Jesus was chosen as the sacrifice to take our place.