सर्वेषां बहिरन्तःशत्रूणां भयहेतु: भीष्मः मोक्षधर्मादीनांप्रवक्ता सर्वज्ञः ॥जगत् जङ्गमाजङ्गमात्मकम् तस्य प्रभुः स्वामी तम्, देवदेवं
In plain words
Bhishma is the cause of terror to all external and internal enemies, the omniscient proclaimer of the path of liberation. 'Jagat' means that which comprises both the moving and the unmoving; He is the Lord and master of that universe — Him, the God of gods.
Close to the Sanskrit
The cause of fear for all external and internal enemies, Bhishma, the proclaimer of mokṣa-dharma and others, all-knowing. Jagat means consisting of the moving and the unmoving; of that the lord, master, him, the god of gods.