Depends on what the meaning of "is" is

The tiny little word is can change the whole meaning of a sentence. We've heard it before. Remember Bill Clinton? But let's forget Bill and turn to the text:

"But the body is of Christ."

Let no man therefore judge you in meat, or in drink, or in respect of an holyday, or of the new moon, or of the sabbath days: Which are a shadow of things to come; but the body is of Christ. Colossians 2:16, 17

I have read two explanations of "the body is of Christ." The first explanation, in short, is that the shadowy things are not substance, the substance is Christ. I believe that Christ is the substance of everything in regards to our salvation, but is that what this text is saying?

Italicized words in the KJV and some other versions indicate that the word is supplied and not in the original text. Without is, verse 17 says, 

"Which are a shadow of things to come, but the body of Christ."

This sentence fragment requires context, includes verse 16, and leads to the second explanation. The entire sentence, without intervening phrases and clauses, says,

"Let no man judge you...but the body of Christ." 

Paul often exhorts the believers, the church, to work together as a body, that each member of the body has its own purpose, etc. It makes sense that when the believers were being judged by the Greek ascetics of the time, who were so rigorous in their matters of diet and practice, that Paul would say to them, "Don't let these people who are not part of the body judge you. Let the body of Christ, the church, be the ones you pay attention to."

I can accept both explanations, as they are not contradictory, but I believe the second explanation is more likely the meaning Paul had in mind, given his focus in his letters to the churches.

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As a matter of interest, the following verses show where Paul refers to the church as the body of Christ:

Romans 12:5

So we, being many, are one body in Christ, and every one members one of another.

Ephesians 3:6

That the Gentiles should be fellowheirs, and of the same body, and partakers of his promise in Christ by the gospel:

Ephesians 4:12

For the perfecting of the saints, for the work of the ministry, for the edifying of the body of Chr

Ephesians 5:23

For the husband is the head of the wife, even as Christ is the head of the church: and he is the saviour of the body.

Colossians 1:24

Who now rejoice in my sufferings for you, and fill up that which is behind of the afflictions of Christ in my flesh for his body's sake, which is the church: