How should the future of the scholarly study of the New Testament look like? In this study, Bird examines the problem of balancing the historical and theological components of New Testament theology. The article offers a critique of both Biblical Theology and the historical study of Christian Origins. Bird's own proposal argues for a "Theology of the New Covenant." Study of the New Testament will be committed to tracing how this theology in the texts continues to impact and shape the life of the church in subsequent centuries.