1. Everlasting punishment. Some people are punished forever.
2. Annihilationism: No one is punished forever but some are annihilated.
3. Universalism: (it comes in different varieties but here is the most plausible view by my lights) Some people are punished in hell for a finite time, then are saved and go to heaven.
My study of what the Scriptures say on the issue (and Biblical scholarship) suggests to me that 1 and 3 have perhaps a slight edge over 2 but that 1 and 3 have equally strong cases to be made. By a study of "what the Scriptures say on the issue" I mean what they say fairly explicitly on the matter without taking everything said in the Bible and drawing lots of inferences (e.g. that God is loving, loving in the Scriptures entails this and that, etc.)
So what to think? Well one could be agnostic on the matter. The Bible just isn't clear so, who knows. But perhaps we can do better.
Here are some alternative ways one might come down on one side of the issue:
1. As I previously alluded to, consider what the Bible says as a whole about other things (love, justice, God's nature, etc.) and derive some probabilistic conclusions from premises from what else we know from Scripture.
2. Take into account what we know about God through personal experience.
3. Consider philosophical arguments about the nature of God, perfect justice, perfect love, punishment, etc. In short, invoke perfect being theology.
4. Consider the weight of tradition and the fact that the Church is the "pillar and ground of truth" [this might be a species of 1 and 3 so for this post I'll ignore it]
It appears that options 2 and 3 are off the table (and perhaps 1 as well) for my friend Preston Sprinkle. In a recent series of posts on the issue of hell he says: