• varam — a benediction
  From vṛ — to choose. The Bhāgavata's standard reward-vocabulary. Varas are limited to what the giver actually owns; the demigods own karma-rewards within saṁsāra, but not mukti.
• kaivalyam — liberation
  From kevala — alone, exclusive. Kaivalya in non-Gauḍīya schools sometimes means the soul's isolation from prakṛti, even from Bhagavān. Gauḍīyas accept that only Viṣṇu can give liberation but redefine the destination as eternal sevā at His feet, not isolation.
• bhagavān-viṣṇuḥ — the Supreme Lord, Viṣṇu
  The demigods name the only One competent. Notice the doctrinal precision: not 'the gods,' not 'the absolute' — bhagavān viṣṇuḥ. Gauḍīyas read this as svayam-bhagavān surfacing through demigod speech; even Indra confesses Viṣṇu's monopoly on mukti.
• ekaḥ-eva — one alone
  Phrase — 'only one.' Stark monotheistic point inside a polytheistic frame. The Bhāgavata's vocabulary admits many devas but insists on one liberator. Acintya-bhedābheda lives precisely here: many distinct devas, one Bhagavān to whom they all defer.
• avyayaḥ — the inexhaustible
  From a-vi-√i — not subject to decay. The same epithet used in Gītā 7.25 and 10.3 for Bhagavān. Demigods exhaust; Viṣṇu does not. Mucukunda will hear this and, by verse 55, refuse every boon except service to the avyaya.

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  His Holiness Bhanu Swami· English
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A wealthy patron telling a long-serving employee, 'Choose any gift — but not citizenship in another country; that's not mine to give.' The demigods know their jurisdiction. Liberation is not in their treasury, only in Viṣṇu's. The verse is a precise theology of what devas can and cannot do.