In order to rightly divide this verse, I believe we need to look at a few more scriptures.
Romans 5:17 says that we will reign in "life" by Christ Jesus.
Was the apostle referring to believers reigning in this life?
I do not believe so.
In Mark chapter 9, Jesus makes a few references to "life" that I believe are related to Romans 5:17.
In Mark 9:43, Jesus said it is better to enter into "life" maimed...
Was Jesus referring to Heaven?
I do not believe so. No one will enter into Heaven maimed. There is no sin, sickness, injury or
defect there.
In Mark 9:45, Jesus said it would be better to enter in "life" crippled...
If Jesus was not referring to Heaven, what then was he referring to? Verse 47 tells us.
In Mark 9:47 Jesus came right out and said it. He said it would be better to enter into the "Kingdom"
of God blind...
In this passage (and I believe also in Romans 5:17), it is Christ's earthly kingdom that is being
referenced.
When Jesus came the first time, although he "was" the King, he did not reign as king. So it is with
us. Although we are "made kings..." we are not yet reigning.
2 Timothy 2:12 makes this very clear:
If we suffer [with him], we shall also reign with [him]:
The key word here is "shall."
There is no doubt whatsoever that this verse is referring to the time when Christ shall return to
earth to establish his earthly kingdom.
When that happens, we will return "with" him and will be reigning "with" him (i.e., helping administrate
his government).
1 Thessalonians says "...at the coming of the Lord Jesus "with" all his saints."
Right now, at this present time, we are in the world as our Lord was when he came the 1st time.
He did not come to rule the first time, and neither are we ruling now.
So let that mind be in us that was in Christ Jesus, who although he was almighty God, Lord and King
of all, and knew that he would not be considered a thief or usurper to claim equality with God (because he was God), never-the-less,
emptied himself of his glory and became one of us--not only did he become one of us, but he became the lowest of us--the servant.
And what did Jesus told us about that? He said, "The servant is not above his lord. It is enough
for the servant to be "as" his lord."