In plain words
People will speak of your lasting disgrace; and for one who has been highly esteemed, dishonour is worse than death.
Word for word
And beings will also tell of your lasting disgrace; and for one who has been honoured, disgrace exceeds death.
The commentators
Bhagavadgītābhāṣyam
न केवलं स्वधर्मकीर्तिपरित्यागः —
अकीर्तिं चापि युद्धे भूतानि कथयिष्यन्ति ते तव अव्ययां दीर्घकालाम् । धर्मात्मा शूर इत्येवमादिभिः गुणैः सम्भावितस्य च अकीर्तिः मरणात् अतिरिच्यते, सम्भावितस्य च
अकीर्तेः वरं मरणमित्यर्थः ॥ ३४ ॥
In plain words
And it is not only that his duty and his good name are gone —
"And people will talk about your disgrace" — the disgrace of this battle. "Te" here means yours. "Avyayām," undecaying, means it will not wear off; it will last a long, long time. And for a man whose standing rests on virtues like these — "he is righteousness itself, he is a brave man," and the rest of that list — disgrace weighs heavier than being killed. And for a man of such standing —
Death is better than disgrace — that is what the verse says.
Close to the Sanskrit
Not only the complete abandonment of one's own duty and fame —
"And also infamy" — in the battle — "beings will recount"; "te" means yours; "avyayām" (undecaying) means lasting a long time. And for one who has been held in esteem by virtues such as "he is righteous of nature, he is brave," and the rest, infamy exceeds death; and for one who has been held in esteem —
Than infamy, death is better — this is the meaning.