1 Corinthians 12:29 belongs to chapter 13. The thought should be included as a controlling context of Chapter 13.
1Co 12:31 But covet the best gifts earnestly: and yet shew I unto you a more excellent way.
What is the subject being addressed by this verse?
First, it is an important instruction. Paul is telling the Corinthians to do a certain thing in a certain way. "Covet Earnestly the best gifts."
The literal is clearer.
"But zealously strive after the better gifts."
Other translations include the concepts of "envious" and "jealous."
If the verse stopped there, what would you come away with?
We are to desire "the better gifts."
How are we to strive for the better gifts?
We are to zealously strive for them.
In context, what is the verse telling us to do?
It is telling us both what to desire and the way to desire it.
He suggests that one way to obtain the best gifts is to "covet" or "zealously strive."
But then he states there is a better WAY to get the best gifts.
"I will show you a more excellent way to do it."
A more excellent way to do what?
A more excellent way to get the best gifts.
Keep that context in mind as you read the rest of the verse. He is telling us a better WAY to get the best gifts.
"...and yet shew I unto you a more excellent WAY. "
So this is key:
He is going to reveal to us a better WAY than coveting to get the best gifts.
He is not going to reveal a THING better than the best gifts. That is a huge error.
He is not saying that love is better than gifts!
He is going to reveal a better WAY to get the best gifts.
Keep that in mind as you proceed to the next chapter.
In no way is Paul telling us that Love is better than the gifts.
Paul is telling us that Love is the better WAY than coveting to get the best gifts.
Robert's Word Pictures points this out:
"And a still more excellent way (kai eti kath' huperbolēn hodon). In order to gain the greater gifts. “I show you a way par excellence,” beyond all comparison (superlative idea in this adjunct, not comparative), like kath' huperbolēn eis huperbolēn (2Co_4:17). Huperbolē is old word from huperballō, to throw beyond, to surpass, to excel (2Co_3:10; Eph_1:19). “I show you a supremely excellent way.” Chapter 1Co_13:1-13 is this way, the way of love already laid down in 1Co_8:1 concerning the question of meats offered to idols (cf. 1Jo_4:7). Poor division of chapters here. This verse belongs with chapter 1Co_13:1-13."
Note on 13:1
"But have not love (agapēn de mē echō). This is the crux of the chapter. Love is the way par excellence of 1Co_12:31."
Vincent's Word Studies also points this out:
Way
To attain the higher gifts.
So if you read chapter 13 in the context of "way" (love way better than coveting way) rather than "thing" (love better than gifts), you get the truth.
Which "WAY" benefits you and the church par excellence?
The love (way) benefits you (and the church) more than coveting (way).
1Co 13:1 If I speak with the tongues of men and of angels (by the coveting way), but I do not have love, I have become as sounding brass or a clanging cymbal.
1Co 13:2 And if I have prophecies (by the coveting way), and know all mysteries (by the coveting way), and all knowledge( by the coveting way), and if I have all faith so as to move mountains (by the coveting way), but do not have love, I am nothing.
1Co 13:3 And if I give out all my goods (by the coveting way), and if I deliver my body that I be burned(by the coveting way), but I do not have love, I am not profited anything.
1Co 13:4 Love (unlike coveting) has patience, is kind; love is not envious (like coveting); love is not vain (like coveting), is not puffed up (like coveting);
1Co 13:5 does not behave indecently (like coveting), does not pursue its own things (like coveting), is not easily provoked (like coveting), thinks no evil (like coveting);
1Co 13:6 does not rejoice in unrighteousness (like coveting), but rejoices in the truth.
1Co 13:7 (Unlike coveting,) Love quietly covers all things, (Unlike coveting, love) believes all things, (Unlike coveting, love) hopes all things, (Unlike coveting, love) endures all things.
1Co 13:8 (Unlike coveting,) Love never fails. But if there are prophecies (derived by coveting), they will be caused to cease; if tongues (derived by coveting), they shall cease; if knowledge (derived by coveting), it will be caused to cease.
1Co 13:9 For (in coveting) we know in part, and (in coveting) we prophesy in part;
1Co 13:10 but when the perfect thing (the love way) comes, then that which is in part (the coveting way) will be caused to cease.
1Co 13:11 When I was an (coveting) infant, I spoke as an (coveting) infant, I thought as an (coveting) infant, I reasoned as an (coveting) infant. But when I became a (love) man, I caused to cease the (immature) things of the infant.
1Co 13:12 For now we see through a mirror in dimness, but then face to face. Now I know in part, but then I will fully know even as I also was fully known.
1Co 13:13 And now faith, hope, and love, these three things remain; but the greatest of these is love.
In conclusion, the cessationist argument falls flat once you realize that Paul is not saying Love is better than Gifts. Rather, love is the better way than coveting to get the best gifts. Once the mature Love-driven man comes into his own, all the immaturity and failure of the baby-coveting child will be done away with, simply because the man has grown up. Grown up into love. This is the love-driven mature man of the parallel passage in Eph 4. He, Paul, specifically states that the best gifts will come into reality when the love way, the mature way, the perfect way of love is manifested.
Eph 4:11 And he gave some, apostles; and some, prophets; and some, evangelists; and some, pastors and teachers;
Eph 4:12 For the perfecting of the saints, for the work of the ministry, for the edifying of the body of Christ:
Eph 4:13 Till we all come in the unity of the faith, and of the knowledge of the Son of God, unto a perfect man, unto the measure of the stature of the fulness of Christ:
Eph 4:14 That we henceforth be no more children, tossed to and fro, and carried about with every wind of doctrine, by the sleight of men, and cunning craftiness, whereby they lie in wait to deceive;
Eph 4:15 But speaking the truth in love, may grow up into him in all things, which is the head, even Christ:
Eph 4:16 From whom the whole body fitly joined together and compacted by that which every joint supplieth, according to the effectual working in the measure of every part, maketh increase of the body unto the edifying of itself in love.
That is the perfect mature, Love way of 1 Corinthians 13.
Moving forward from the "coveting way" to the "love way" is simply growing up into the perfection that is Christ.