Chuck Smith discusses the theme of spiritual backsliding as illustrated by Peter's journey in Mark 14:54. He emphasizes how Peter's strong confession of faith quickly turned into denial, highlighting the dangers of challenging God's word and relying on self-confidence. Smith points out that a decline in one's devotional life is a key indicator of drifting away from Christ, as seen in Peter's actions. He warns against seeking warmth and comfort in worldly distractions instead of returning to true fellowship with Jesus. Ultimately, Smith reassures that no matter how far one has drifted, a return to God is always just one step away.