# How much worse punishment do you think one deserves ... grace?

"This was severe punishment. But the punishment will be even greater for anyone ... grace!" 

# who has trampled underfoot the Son of God

"who has rejected the Son of God" 

# who regarded the blood of the covenant as unholy

"by treating the blood of the covenant as unholy"

# the blood of the covenant

Here "blood" stands for Christ's death, by which God established the new covenant. 

# the blood by which he was sanctified

"the blood by which God sanctified him" 

# the Spirit of grace

"the Spirit of God, who provides grace"