Jamieson, Fausset and Brown on 1 Peter 5:2

2. Feed--Greek, "Tend as a shepherd," by discipline and doctrine. Lead, feed, heed: by prayer, exhortation, government, and example. The dignity is marked by the term "elder"; the duties of the office, to tend or oversee, by "bishop." Peter has in mind Christ's injunction to him, "Feed (tend) My sheep ... Feed (pasture) My lambs" (Joh 21:16). He invites the elders to share with him the same duty (compare Ac 20:28). The flock is Christ's.

which is among you--While having a concern for all the Church, your special duty is to feed that portion of it "which is among you."

oversight--Greek, "bishopric," or duty of bishops, that is, overseer.

not by constraint--Necessity is laid upon them, but willingness prevents it being felt, both in undertaking and in fulfilling the duty [Bengel]. "He is a true presbyter and minister of the counsel of God who doeth and teacheth the things of the Lord, being not accounted righteous merely because he is a presbyter, but because righteous, chosen into the presbytery" [Clement of Alexandria].

willingly--One oldest manuscript, Vulgate, Syriac, and Coptic, add, "as God would have it to be done" (Ro 8:27).

not for filthy lucre--(Is 56:11; Tit 1:7).

of a ready mind--promptly and heartily, without selfish motive of gain-seeking, as the Israelites gave their services willing-heartedly to the sanctuary.