The system and framework of theology which asserts that the covenants are essential to overall hermeneutics (Biblical interpretation) is known as Covenant Theology, and it is typically contrasted against Dispensationalism.
Within the system of Covenant Theology, there are typically two overarching covenants that govern how we interpret the Bible. However some people within Protestantism assert that there is actually a third covenant, known as the Covenant of Redemption.
In this episode, Kenny explains the Covenant of Redemption and the divide among Protestants over this doctrine. The Covenant of Redemption is an eternal agreement (or pact) amongst the members of the Trinity in which the Father appointed the Son to become a human, to suffer, and to die as the federal head of mankind in order to make an atonement for the sins of the elect. In return, the Father promised to raise Christ from the dead, glorify Him, and give Him a people (the elect).