Bhashya
तथा— प्राणः घ्राणम्— वायुरभवत् ; स तु पवते मृत्युं परेणातिक्रान्तः ।सर्वमन्यदुक्तार्थम् ॥
In plain words
Thus the vital breath, functioning as the sense of smell, became Vayu; and that very wind blows, having gone far beyond death. The rest of the explanation is already clear from what has been said before.
Close to the Sanskrit
Thus—prana, the organ of smell—became Vayu; and that [Vayu] blows, having transcended death. All the rest has its meaning already stated.