In 1 Corinthians 8:5, what do the "many gods and many lords" refer to?

In [1 Corinthians 8:5–6](https://www.biblegateway.com/passage/?search=1+corinthians+8%3A5&version=ESV) , we read: > 5 For although there may be so-called gods in heaven or on earth—as indeed there are many “gods” and many “lords”— 6 yet for us there is one God (ESV) I'm having a hard time with in one breath we see "one God" and then the former "many gods and many lords." What is an overview of how should we understand "many gods and many lords" here?