I found this old article by Michael Bird as I was combing the internet in search of Christus Victor. He lists the reasons why CV is indeed biblical and allows that Penal Substitutionary Atonement (PSA) can coincide with CV.
1. Canonical: The first and last intimations of the atonement in Scripture are about the victory of Jesus’ death (Gen 3:15; Rev 12:11).
2. Historical: CV appears to have been more popular in Church History as a model for the atonement than any other. Though PSA can be found in the fathers as a minor key, CV can be found among the Reformers as a minor key too.
3. Biblical Theological: CV links together a lot more themes than PSA does. CV brings together kingdom, atonement, resurrection, and new creation.
4. Pauline: Note how Romans 8 and 1 Corinthians 15 both start off with the sacrificial nature of Jesus’ death, but then climax in affirmations of divine victory! PSA is the basis for CV, but CV is then the goal of PSA.
As far as examining Christus Victor, this is one the best articles on the ‘net at the moment. Well, best as in agreeing with my overall thought process.
I think that CV fits the cosmology of the bible and is supported by the Text, cosmology notwithstanding.