A.T. Robertson Commentary Ephesians 5:2

"and walk in love, even as Christ also loved you, and gave himself up for us, an offering and a sacrifice to God for an odor of a sweet smell." — Ephesians 5:2 (ASV)

An offering and a sacrifice to God (προσφοραν κα θυσιαν τω θεω). Accusative in apposition with εαυτον (himself). Christ's death was an offering to God "in our behalf" (υπερ ημων) not an offering to the devil (Anselm), a ransom (λυτρον) as Christ himself said (Matthew 20:28), Christ's own view of his atoning death.

For an odour of a sweet smell (εις οσμην ευωδιας). Same words in Php 4:18 from Le 4:31 (of the expiatory offering). Paul often presents Christ's death as a propitiation (Romans 3:25) as in 1 John 2:2.