I come from a background in Protestant/Evangelical churches. The trademark salvation message in those churches is that Christ bore the wrath of God for your sins to satisfy his justice that we have offended by our sin; it's basically a teaching of the penal substitution theory woven into a call to repentance. John Piper also seems to declare the theory as gospel in his books.
Since becoming a catechumen in the Eastern Orthodox church I have rejected this theory as an acceptable way to explain salvation. It is my opinion of most Protestant/Evangelical churches that they teach the theory as fact (perhaps less so in for high church Protestants).
Are there any Protestant denominations (or individual churches) that explicitly reject the penal substitution theory, and more generally the idea that Christ's death was needed to "pay" or satisfy God the Father?
For reference, the teaching of the Eastern Orthodox church sometimes uses the ransom theory of atonement to explain Christ's death being a ransom paid to death. However, that is just one teaching that can help a Christian who is meditating on the meaning of His death.