15:14a And if Christ has not been raised,

And if Christ has not risen,
-or-
And if Christ has not become alive again,

15:14b our preaching is worthless, and so is your faith.

our preaching and your (plur.) faith are both worthless.
-or-
it is useless for us (excl.) to preach ⌊the gospel⌋ to you, and it is useless for you to believe it.

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