This verse is considered one of the hardest in the New Testament, because many different alternative ways have been suggested for interpreting the words themselves, but chiefly because of the difficulty of connecting it with the surrounding verses. The correct interpretation of the verse must support Paul’s argument: that the promise is superior to the law; it must not use the word ‘one’ in different senses in the same verse; and it should not introduce irrelevant thoughts unrelated to the immediate context, such as the unity of the Godhead.
But didn’t the covenant of grace also have a mediator? Doesn’t Paul tell us in another place that ‘there is one God, and one mediator between God and men, the man Christ Jesus’ (1 Timothy 2:5)? If so, then isn’t this a fatal objection to the argument that the promise is superior because, unlike the law, there is no mediator involved? The answer to this is that Paul is speaking of a created mediator not a divine mediator. The purpose of the argument is to show that in the promise no one came between God and Abraham. The fact that there is a divine mediator in the covenant of grace is beside the point and unrelated to what he wishes to show. God dealt directly with Abraham in the covenant of grace; he did not deal directly with Israel in the covenant of the law.