To combat the charges raised by Radical Orthodoxy and others, which allege that Protestant soteriologies amount to a legal fiction, Bruce McCormack and Michael Horton suggest that Reformed theology embrace a covenantal ontology, which aims to overcome legal fiction objections without sacrificing Reformational insights or making recourse to medieval participatory metaphysics. For both theologians, covenantal history and participatory metaphysics are treated as rival paradigms. I suggest that their proposals display serious weaknesses and propose an alternative approach, inspired by the retrieval of Reformed scholastic insights, which treats covenant and participatory metaphysics as complementary motifs rather than rival paradigms, and is thereby able to overcome the legal fiction objection while maintaining Protestant distinctives.