Are Christians a covenant people like Israel was, or are we under covenants?
Christians are not a covenant people as Israel was, nor are they under covenants. Instead, they are the born-ones, born from above by the Holy Spirit the moment they believe, and are called the children of the living God. This distinction should be emphasized, not a covenant relationship.
Les explains that believers are not a covenant people like Israel was, and he warns against buying into a covenant relationship because we are not under covenants. Rather, we are the born-ones: we have been born from above by the work of the Holy Spirit the moment we believe. He emphasizes the last part of verse 26, that we will be called the children of the living God. He also points to the doctrine of the remnant, noting that God has never enjoyed the majority; only a small remnant remained true, as with the eight in the flood, and within Israel only a few responded and believed.