/**
 * Ignore and exclude featured posts on the home page.
 */
function expound_pre_get_posts($query)
{
    if (!$query->is_main_query() || is_admin()) {
        return;
    }
    if ($query->is_home()) {
        // condition should be (almost) the same as in index.php
        $query->set('ignore_sticky_posts', true);
        $exclude_ids = array();
        $featured_posts = expound_get_featured_posts();
        if ($featured_posts->have_posts()) {
            foreach ($featured_posts->posts as $post) {
                $exclude_ids[] = $post->ID;
            }
        }
        $query->set('post__not_in', $exclude_ids);
    }
}
<?php

/**
 * @package Expound
 */
$featured_posts = expound_get_featured_posts();
if ($featured_posts->have_posts()) {
    $featured_posts->the_post();
    ?>
<div class="featured-content">
	<div class="main-article">

		<article id="post-<?php 
    the_ID();
    ?>
" <?php 
    post_class();
    ?>
>
			<div class="entry-content">
				<header class="entry-header">
					<h1 class="entry-title"><a href="<?php 
    the_permalink();
    ?>
" title="<?php 
    echo esc_attr(sprintf(__('Permalink to %s', 'expound'), the_title_attribute('echo=0')));
    ?>
" rel="bookmark"><?php 
    the_title();
    ?>
</a></h1>