The covenant was the Law. The Ark of the Covenant held the two tablets of the law. etc.
Nice try. The law of God is eternal. We are all subject to the law of God. What is obsolete is the MEANS by which we are to observe the law. No longer is circumcision physical...or the Sabbath outward. God is looking for people who worship in Spirit.
But that doesn't mean the law is passed away.