A question that arises when reading this verse concerns the referent of τὰ πάντα . . . τὰ ἐπὶ τῆς γῆς εἴτε τὰ ἐν τοῖς οὐρανοῖς. Do these words refer to:
A) persons who have the hope of living forever on a paradise earth, and also persons who will live immortally and incorruptibly in the heavens of God's presence?
B) redeemed humans in general and also the holy angels?
C) all creation as a whole instead of understanding "all things" in a distributive sense (Alford)?
Meyer's NT Commentary:
The considerations which regulate the correct understanding of the passage are: (1) that τὰ πάντα may not in any way be restricted (this has been appropriately urged by Usteri, and especially by Huther); that it consequently cannot be referred either merely to intelligent beings generally (the usual view), or to men (Cornelius a Lapide, Heinrichs, Baumgarten-Crusius, and others), especially the Gentiles (Olshausen), or to the “universam ecclesiam” (Beza), but is, according to the context (see Colossians 1:16 ff.), simply to be taken as quite general: the whole of that which exists (has been created); (2) that the reconciling subject is here not Christ (Hofmann, in accordance with his incorrect reference of εὐδόκησε in Colossians 1:19), but God, who through Christ (διʼ αὐτοῦ) reconciled all things; (3) that consequently ἀποκαταλλάξαι cannot be meant of the transforming of the misrelation between the world and Christ into a good relation (Hofmann), and just as little of the reconciliation of all things with one another, of the removal of mutual hostility among the constituent elements composing τὰ πάντα, but only of the universal reconciliation with the God who is hostile to sin, as is clearly evident from the application to the readers in Colossians 1:21. The only correct sense therefore is, that the entire universe has been reconciled with God through Christ.