• rājñaḥ-priyam — the King's pleasure
  Genitive — pleasing the king. The Bhāgavatam is recording the exact false-doctrine Cāṇūra advances: rāja-tuṣṭi as the cosmic principle. Vaiṣṇava reply (Bhāgavata 1.2.13): saṁsiddhir hari-toṣaṇam — perfection is pleasing Hari alone. A contiguous-token join of synonyms 'rājñaḥ' and 'priyam'.
• bhūtāni — all living beings
  Bhūta — all beings. Cāṇūra claims that all beings will be satisfied by pleasing Kaṁsa, because the king 'contains' them. This is a precise asura-inversion of the Bhāgavata teaching (SB 4.31.14) that watering the root of the tree satisfies all branches — Bhagavān is the root, not the king.
• sarva-bhūta-mayaḥ — comprising all beings
  An aiśvarya-title — 'made of all beings'. Cāṇūra applies it to Kaṁsa; the Gītā applies it to Bhagavān (BG 6.31: sarva-bhūta-sthitaṁ). The same predicate, two referents — the asura's hijack of theistic vocabulary. A contiguous-token join of synonyms 'sarva-bhūta' and 'mayaḥ'.
• prasīdanti — will be satisfied
  Pra-sad — the bhakti-verb. Devotees say bhagavān prasīdati — 'the Lord becomes pleased'. Cāṇūra borrows the verb for the wrong object. Bhāgavata-listening notices the appropriation even when the assembled audience does not.

'The king embodies all living beings — please him and everyone is pleased.' Cāṇūra dresses asura-rāja-bhakti in cosmic clothes. Gauḍīya doctrine flips this exactly: Bhagavān is sarva-bhūta-maya, not the king; pleasing Him is the only path that universally satisfies.