You would think the topic would have been well-studied, with lists of relevant songs collated, but nothing of substance comes up in a Google search for "models of atonement in contemporary worship songs." There are lists of sermon illustrations, but no lists of songs.
To fill that gap, and--with your help--to generate some illustrations to use in class next week, I offer this (very) preliminary list:
Thank You for the Cross - Matt Redman
Leave additional song names in the comments, and I will add them to the list.
Update: I have begun revising the list:
By His Wounds - Mac Powell (Penal Substitution/Satisfaction)
Highly Exalted - Robin Mark (Penal Substitution/Satisfaction
How Deep the Father's Love for Us - Stuart Townend (Penal Substitution/Satisfaction)
In Christ Alone - Stuart Townend (Christus Victor, Penal Substitution/Satisfaction)
Thank You for the Cross - Matt Redman (Moral influence?; no model discernible?)
You Are My King - Chris Tomlin (Penal Substitution)
The Wonder of Your Cross - Robin Mark (Moral Influence?)
Songs that should not have been written:
Above All - Paul Baloche
Thanks for the suggestions!
Update (May 2010): See my friend Dale Harris's thoughtful post and song on this topic.