Here's a guy clearly looking at this issue through JW glasses. Nevermind that he's Baptist?
Simply stated, Romans 5:10 teaches that God considers you His enemy. God's anger hangs over you. God must be reconciled or He will punish you as His enemy. Right now God is your enemy. God is against you because of your sin. Nothing that you do can turn away the anger that God has toward you. Christ's Blood alone can do that.
"For he [God] hath made him [Christ] to be sin for us, who knew no sin" (II Corinthians 5:21).
Christ was punished by God on the Cross, as a sin offering. The anger of God was poured out on Jesus to make possible God's reconciliation to you. God could never have been reconciled to a sinner like you unless Jesus had been punished by God on the Cross.
The Bible tells us that Jesus Christ "is the propitiation for our sins" (I John 2:2). God poured out His anger and judgment on His own Son, on the Cross, to make it possible for Him to be reconciled to you.
"Yet it pleased the Lord to bruise him; he hath put him to grief: when thou shalt make his soul an offering for sin…He shall see of the travail of his soul, and shall be satisfied…" (Isaiah 53:10-11).
"Propitiation" is the appeasement of the wrath of God by the Blood of Jesus. God's anger against you is quieted by the Blood of Jesus. God's rage and fury against you can only be calmed by the Blood of Christ. The furious rage of God against you can only be tranquilized by the satisfying payment of Jesus' Blood.
"…Whom God hath set forth to be a propitiation through faith in his blood" (Romans 3:25).
So, we ask, "Is 'propitiation' the appeasement of God's wrath?" - And our answer is, "Yes it is."
Adam committed the greatest criminal act in human history. As a result, God justly turned His back on Adam's race, humanity as a whole. God now remains man's judge. The only thing a human being can expect to receive from God is punishment. Man is an incorrigible criminal in the sight of God. God must be reconciled before He can turn to man in acceptance. God could only be reconciled by the vicarious work of Christ on the Cross, in which Christ became the substitute for our sins. The Bible says, "He was wounded for our transgressions; he was bruised for our iniquities" (Isaiah 53:5). J. Oliver Buswell puts it this way: "Christ died for our sins in our place as our substitute" (J. Oliver Buswell, Jr., Ph.D., A Systematic Theology of the Christian Religion, Zondervan, 1971, p. 72).
Yes, propitiation is the appeasement of the wrath of God by the Blood of Jesus. God's rage and fury against you for your sin can only be calmed by the satisfying Blood of Christ.