This idea builds off the idea that the Kingdom has been postponed (discussed in the previous section). It states the the church is merely inserted in the gap between the two Jewish moves of God, the Mosaic Covenant and the coming Millennium.
This fails in that it falsely distinguishes between the Jewish and Gentile church (further discussed in the next section).
Rather, we can look at simple statements concerning the church.
As we said, the Kingdom was not postponed by the church age. Second, the church has not replaced Israel, but the church is Israel, with some unbelieving branches broken off and Gentile believers grafted in. Israel is still Israel, but has grafts (see here for discussion of the One New Man).
But, most simply, the church is being built together as the temple of God (Ephesians 2;22). The church is the temple that replaces the physical temple, and is therefore superior. The sacrifices of Jesus were Eternal, and so they replace the blood of bulls and goats which could not remove sins.
Again, the idea is conjecture built upon an idea. There is no text in support of this idea, but is a product of interpretation. It does not fit the overall vision of God, as described in the One New Man concept, nor the idea that this new temple, the church, has replaced the original. It fails in the general sense, but, since it is not supported by any text, this is sufficient.