In recent systematic theology versions of the Ransom account of the atonement have proliferated. Much of this work uses Gustav Aulén’s Christus Victor as a point of departure. In this paper I first distinguish between models and theories of atonement. Then I discuss three recent theological perorations of the Ransom model as a prelude to setting out four interpretive strategies for understanding this view of atonement. I then offer some critical remarks on these strategies, concluding that the Ransom view as set forth here does not provide a complete model of atonement.