What's the Difference Between Lordship Salvation and Free Grace?

I've been explaining what "Lordship Salvation" is to my wife, and we've been watching some of Dr. Charlie Bing's videos on YouTube about it. After watching a 10-minute clip of Dr. Bing's sermon titled "Why Lordship Faith Misses the Mark for Salvation,"¹ my wife gave the following analysis of Lordship Salvation: "It seems like it's always tied into something that you have to do in order to be accepted by God." I think she really hit the nail on the head! She went on to add: "If we could have saved ourselves then we don't need Jesus."

I told my wife it reminds me of something my Dad often says: "There are only two religions in the world: Do and Done."² I'd say that Lordship Salvation is a "Do" religion (that is, you have to do endless things like submit everything, commit everything, forsake everything, promise everything, prove to people that you're good enough, and the list goes on and on), whereas Free Grace says it's all been done by Jesus on the cross (John 19:30; cf. Psa. 22:31: "He has done it!") – simply receive it as a free gift! The difference between Lordship Salvation and Free Grace is the difference between Do vs. Done!

The Example of the Thief on the Cross

Luke 23:39-43

"A thief on a cross can believe. What did the thief on the cross promise Jesus when he said, 'Lord, remember me when You come into Your kingdom'? And Jesus replied, 'Today you will be with Me in paradise.' Could the thief walk an aisle? No, his feet were fastened to a cross. Could he raise his hand? No, his hands were tied or nailed to the cross. Could he be baptized? No, the cross would have floated. Did he promise Jesus anything? No. Did Jesus demand anything of him? No. Salvation by grace through faith means there is hope for a dying man, for someone who can do nothing for himself." ³

References:

¹ Charlie Bing, "Why Lordship Faith Misses the Mark for Salvation" (GES Conference, 1999), YouTube.

² Dr. J. Vernon McGee affirms: "There are only two kinds of religion in the world....You can list every 'ism,' every cult, every religion...under one category. They all say, 'Do, do, do.' Only Christianity says, 'Done.' Christ has done it all." (McGee, On Eagles' Wings, p. 7.) Dr. H. A. Ironside made a similar statement. In his book The Only Two Religions, he writes: "There are only two religions in the world: The TRUE and the FALSE. All phases of false religion are alike. They all say: 'Something in my hand I bring.' The only difference between them being as to what the 'something' is. The TRUE religion says: 'Nothing in my hand I bring.'" (H. A. Ironside, The Only Two Religions, p. 5, emphasis his.)

³ Charlie Bing, "Why Lordship Faith Misses the Mark for Salvation," Journal of the Grace Evangelical Society (Spring 1999): p. 32.