Is He Denying Penal Substitution?

When Israel went in exile, they didn't fully exhaust the curses of the covenant. So Christ had to come along and bear the curse of the covenant to open up the blessing that God had promised to his people. That's why still was a kind of punish, bore the punishment of these covenant curses. I can't imagine NT right would say anything different than what I've articulated because I got it from him.