What is the gospel? NT Wright

I remember as a college teacher in a New Testament course beginning my class with the question of "What is the gospel?"  At first, it would seem rather obvious that most Christians taking a college level course would be able to answer that questions fairly quickly.  Yet it is surprisingly not the case, some answer that it is about justification by grace, others answer that it is about God's love, others insisted that Jesus came to die on the cross, all agreed that it is "Good News."  What exactly is the nature of this Good News?   Is it correct to reduce the gospel message down to a simple formula?  In this short video, NT Wright gives an introduction to the question of what is the gospel and deals with a number of questions such as how to communicate the gospel in a few minutes, is repentance part of the gospel, and how important is the life of Jesus to the gospel?  This is a good discussion starter on beginning to think about the Good News of Jesus and how that can impact our lives and the lives of others.