John Owen's classic argument against hypothetical universalism in the doctrine of the atonement

John Owen discusses the agents of redemption -- specifically, God the Father in this context -- and teaches that the Father sent the Son and that He laid the punishment due to sin upon Christ. Of the latter work, Owen writes:

We conclude, then, this second act of God, in laying the punishment on him for us, with that of the prophet, “All we like sheep have gone astray; we have turned every one to his own way; and the LORD hath laid on him the iniquity of us all,” Isa. liii. 6: and add thereunto this observation, that it seems strange to me that Christ should undergo the pains of hell in their stead who lay in the pains of hell before he underwent those pains, and shall continue in them to eternity; for “their worm dieth not, neither is their fire quenched.” To which I may add this dilemma to our Universalists:— God imposed his wrath due unto, and Christ underwent the pains of hell for, either all the sins of all men, or all the sins of some men, or some sins of all men. If the last, some sins of all men, then have all men some sins to answer for, and so shall no man be saved; for if God enter into judgment with us, though it were with all mankind for one sin, no flesh should be justified in his sight: “If the LORD should mark iniquities, who should stand?” Ps. cxxx. 3. We might all go to cast all that we have “to the moles and to the bats, to go into the clefts of the rocks, and into the tops of the ragged rocks, for fear of the LORD, and for the glory of his majesty,” Isa. ii. 20, 21. If the second, that is it which we affirm, that Christ in their stead and room suffered for all the sins of all the elect in the world. If the first, why, then, are not all freed from the punishment of all their sins? You will say, “Because of their unbelief; they will not believe.” But this unbelief, is it a sin or not? If not, why should they be punished for it? If it be, then Christ underwent the punishment due to it, or not. If so, then why must that hinder them more than their other sins for which he died from partaking of the fruit of his death? If he did not, then did he not die for all their sins. Let them choose which part they will. (John Owen, The Death of Death in the Death of Christ, bk. 1, ch. 3, emphasis added)