The vast majority of Christians - being 'Nicene' in doctrine - understand the verse in question, along with other 'high' Christological declarations in the New Testament, within the paradigm of later 'Trinitarian' philosophical language that was finally defined at the Council of Nicea in 325 (but worked out over the two centuries prior by church fathers).
This Trinitarian formula reconciled the tension in the New Testament - which is very apparent upon even a cursory reading - between competing desires for an idealized monotheism ("
there is One God")
and the parallel urge to incorporate the historical Jewish Messiah-claimant Jesus into the cultic worship owed to the one God: as that God's eternal, uncreated 'co-agent' of creation
through whom the Father ordained and ordered all things in the universe.
Academic historians and source-critical scholars have termed this primitive 'deification' of Jesus, attested in Paul's letters (circa. 50) as an already presupposed, uncontroversial belief (by means of which he was compassed within the cultic worship paid to the God of Israel, as that God's 'emanation' or 'theophany') "
binatarian" worship. The Holy Spirit had not, as of yet, been 'personified' as the third 'person' (to use the later Greek term
hypostases "Persons") in this equation during the first century, although God had already assumed a 'triadic' discourse for the early Christians ((
Hurtado 2010), pp. 99-1) i.e. the Father 'from' whom everything is, the Son 'through' whom and then the 'Spirit' as their immanent activity in the world that is present within people.
Does it amount to polytheism? The New Testament scriptures protest very firmly that they believe in one God, yet one God expressed through two '
persons': the Father and Son, one the trascendent divinity 'from' whom everything originates and the other his emanation 'through' whom everything exists, using a triadic discourse.
Do you find that confusing and paradoxical? Well, so did generations of Christians for the next three hundred years - during which time exegete after exegete came up with ever more elaborate conceptual schemes for reconciling this potent mystery at the heart of Christian dogma.
The eventual solution that become normative for most Christiansm from thereon, was the Trinitarianism of the Nicene creed, which removed all doubt that Christianity was a "
monotheistic" faith worshipping
one Divine Being in Three Persons that were
homooúsion ('same in being, same in essence', from ὁμός,
homós, "same" and οὐσία,
ousía, "being" or "essence").
Other 'gods', in the Christian conception, were identified as '
angels and demons' by the Patristic authorities. Early Christian did not always deny the existence of 'other gods', just like many Jews in the ancient world did not either, they simply believed that these were supramundane beings ultimately dependent on the One Supreme Creator God which had not existed externally; meaning they were not worthy of worship. St. Paul himself refers to these other divine beings as 'gods' occassionally (the Tanakh also refers to a 'council of divine beings', for example in a few of the Psalms) but distinguished them strictly from the one eternal creator 'God' and his Son (divine agent of creation, the
Divine Word and Wisdom) from and through whom all things exist.