I think this might be a point of contention. Calling something broken without equating it to a time frame, which is the entire crux of the D&D combat system, is shortsighted. In my examples, I gave incidences where this spell will help. But I also point out the negatives. I think that's where the balance is, specifically with the time frame itself. If you have a fourth level pally with a shield spell, they give something up each time they cast it. They also gave something up (an extra attack and other things) to get the spell. All for a spell, which may or may not, help them for a maximum of four rounds.
I find this to be kind of absurd. 4 Rounds of combat is a
lot of time, especially in a single combat. Being able to effectively make yourself untouchable during this time is incredibly powerful, especially for a spell-based martial. Sure, you're losing other options, but it increases your survivability dramatically and is just as effective in a 1st Level Spell slot as it is in any other. As a trade-off, it's not a huge one and I've played it out since I was a Forge Cleric with the playtest document and I was effectively unhittable for a while. Even with Paladin slots you're going to be damn difficult to touch, especially given how much D&D combats tend to nova out.
Honestly I think
@mellored was on the right track, it just needed to be adjusted slightly.
Shield
1st Level Spell (Abjuration)
An invisible barrier of magical force appears and protects you. When attacked or in the path of an area of effect attack requiring a Dexterity, Strength, or Constitution Save effect*, you may spend a reaction to cast this spell after damage is rolled, gaining 15 temporary hit points against the attack. These hit points are gone after the attack is completed.
The spell may be upcast, gaining 5 Temp HP per level upcast. It may also be expanded: the spell may turn into a sphere extending out from the caster. It gains 5 feet of range at the cost of 5 Temporary HP off the normal effect. Anyone within the sphere, friend or foe, gains the temporary HP against the attack triggering it (most likely a blast or a cone).
*We can create more specific language here to be cut down on edge cases, but the general gist is against blast/line/cone attacks like Fireball, Lighting, or Cone of Cold.
Why use Temporary HP?
For a lot of reasons, really. First off, we no longer have do the "What was the to-hit roll?" check every time a hit gets rolled against you. Instead, the user just gets to choose whether or not to mitigate the damage. Currently I have it as "after the damage is rolled", but you can change it a bit if you like.
Secondly, it's a helluva lot easier to scale Temporary Hit Points in 5E than it is to modify armor values. With AC, you gotta really raise it to make it useful because ACs are generally low enough that monsters can blast well-past them. That has the problematic effect of making it very powerful for people who wear armor, as I well know having played the UA Forge Cleric and utterly frustrating my DM because of it. Temporary Hit Points allows for a lot more nuance, like being able to spread the effect to others around you.
Thirdly, I feel like this matches how people think of magical shield effects in fiction. People will put shields up and have them broken in fiction, which doesn't work in 5E because you aren't using it if it isn't going to work. That idea fits just much better conceptually. Plus it still fits the classic usage: at 15 HP and scaling up over time, a shield spell of equal level will always block a maximized Magic Missile spell.
Why scale it?
It makes it more interesting to use, less of an automatic 1st level spell slot, and opens up options in what you can do for it. Currently speaking it's a very dull spell because there's nothing else to do with it: you just keep it in that slot and you only use it on yourself.
Why make it so it can be used against blasts/expanded out to help others?
Part of it is thematic: the idea of creating a magical shield against blasts, dragon's breath, etc... is pretty powerful and commonplace. Also using a magical shield to protect your companions is pretty common imagery, to the point that (again) it's used in the
Dungeons & Dragons: Honor Amongst Thieves film. Why
not do it? It puts a new spin that makes it helpful to others around you and gives you a reason to use it in other places, as well as why to upcast the spell. Limiting it to one attack makes it so that you can't just outright neutralize an opponent with multiple attacks, but rather you can at least help nearby allies if you are all about to eat Dragon's Breath attack.