For ye were as sheep This also has Peter borrowed from Isaiah, except that the Prophet makes it a universal statement, "All we like sheep have gone astray." (Isaiah 53:6.) But on the word sheep there is no particular stress; he indeed compares us to sheep, but the emphasis is on what the Prophet adds, when he says that every one had turned to his own way. The meaning then is, that we are all going astray from the way of salvation, and proceeding in the way of ruin, until Christ brings us back from this wandering. And this appears still more evident from the clause which follows, but are now returned to the Shepherd, etc.; [1] for all who are not ruled by Christ, are wandering like lost sheep in the ways of error. Thus, then, is condemned the whole wisdom of the world, which does not submit to the government of Christ. But the two titles given here to Christ are remarkable, that he is the Shepherd and Bishop of souls There is then no cause to fear, but that he will faithfully watch over the safety of those who are in his fold and under his care. And it is his office to keep us safe both in body and soul; yet Peter mentions only souls, because this celestial Shepherd keeps us under his own spiritual protection unto eternal life.

Footnotes

1 - I would render the clause thus, "But you have been now restored," that is, from your wandering, "to the shepherd and the bishop (or, overseer) of your souls." Macknight thinks, that our Lord took the title of shepherd in order to shew that he is the person foretold in Ezekiel 34:23, and that Peter alludes, in calling him bishop or overseer, to the eleventh verse of that chapter, the latter clause of which, according to the Sept. is, "I will oversee them," (episkepsomai.) -- Ed.

For ye were as sheep going astray - Here also is an allusion to Isaiah 53:6, "All we like sheep have gone astray." See the notes at that verse. The figure is plain. We were like a flock without a shepherd. We had wandered far away from the true fold, and were following our own paths. We were without a protector, and were exposed to every kind of danger. This aptly and forcibly expresses the condition of the whole race before God recovers people by the plan of salvation. A flock thus wandering without a shepherd, conductor, or guide, is in a most pitiable condition; and so was man in his wanderings before he was sought out and brought back to the true fold by the Great Shepherd.
But are now returned unto the Shepherd and Bishop of your souls - To Christ, who thus came to seek and save those who were lost. He is often called a Shepherd. See the notes at John 10:1-16. The word rendered "bishop," (ἐπίσκοπος episkopos,) means "overseer." It may be applied to one who inspects or oversees anything, as public works, or the execution of treaties; to anyone who is an inspector of wares offered for sale; or, in general, to anyone who is a superintendent. It is applied in the New Testament to those who are appointed to watch over the interests of the church, and especially to the officers of the church. Here it is applied to the Lord Jesus as the great Guardian and Superintendent of his church; and the title of universal Bishop belongs to him alone!
Remarks On 1-Peter 2
In the conclusion of this chapter we may remark:
(1) That there is something very beautiful in the expression "Bishop of souls." It implies that the soul is the special care of the Saviour; that it is the object of his special interest; and that it is of great value - so great that it is that which mainly deserves regard. He is the Bishop of the soul in a sense quite distinct from any care which he manifests for the body. That too, in the proper way, is the object of his care; but that has no importance compared with the soul. Our care is principally employed in respect to the body; the care of the Redeemer has special reference to the soul.
(2) it follows that the welfare of the soul may be committed to him with confidence. It is the object of his special guardianship, and he will not be unfaithful to the trust reposed in him. There is nothing more safe than the human soul is when it is committed in faith to the keeping of the Son of God. Compare 2-Timothy 1:12.
(3) as, therefore, he has shown his regard for us in seeking us when we were wandering and lost; as he came on the kind and benevolent errand to find us and bring us back to himself, let us show our gratitude to him by resolving to wander no more. As we regard our own safety and happiness, let us commit ourselves to him as our great Shepherd, to follow where he leads us, and to be ever under his pastoral inspection. We had all wandered away. We had gone where there was no happiness and no protector. We had no one to provide for us, to care for us, to pity us. We were exposed to certain ruin. In that state he pitied us, sought us out, brought us back. If we had remained where we were, or had gone further in our wanderings, we should have gone certainly to destruction. He has sought us out; be has led us back; he has taken us under his own protection and guidance; and we shall be safe as long as we follow where he leads, and no longer. To him then, a Shepherd who never forsakes his flock, let us at all times commit ourselves, following where he leads, feeling that under him our great interests are secure.
(4) we may learn from this chapter, indeed, as we may from every other part of the New Testament, that in doing this we may be called to suffer. We may be reproached and reviled as the great Shepherd himself was. We may become the objects of public scorn on account of our devoted attachment to him. We may suffer in name, in feeling, in property, in our business, by our honest attachment to the principles of his gospel. Many who are his followers may be in circumstances of poverty or oppression. They may be held in bondage; they may be deprived of their rights; they may feel that their lot in life is a hard one, and that the world seems to have conspired against them to do them wrong; but let us in all these circumstances look to Him "who made himself of no reputation, and took upon him the form of a servant, and became obedient unto death, even the death of the cross," Philippians 2:7-8; and let us remember that it is "enough for the disciple that he be as his master, and the servant as his lord," Matthew 10:25. In view of the example of our Master, and of all the promises of support in the Bible, let us bear with patience all the trials of life, whether arising from poverty, an humble condition, or the reproaches of a wicked world. Our trials will soon be ended; and soon, under the direction of the "Shepherd and Bishop of souls," we shall be brought to a world where trials and sorrows are unknown.
(5) in our trials here, let it be our main object so to live that our sufferings shall not be on account of our own faults. See 1-Peter 2:19-22. Our Saviour so lived. He was persecuted, reviled, mocked, condemned to die. But it was for no fault of his. In all his varied and prolonged sufferings, he had the ever-abiding consciousness that he was innocent; he had the firm conviction that it would yet be seen and confessed by all the world that he was "holy, harmless, undefiled," 1-Peter 2:23. His were not the sufferings produced by a guilty conscience, or by the recollection that he had wronged anyone. So, if we must suffer, let our trials come upon us. Be it our first aim to have a conscience void of offence, to wrong no one, to give no occasion for reproaches and revilings, to do our duty faithfully to God and to people. Then, if trials come, we shall feel that we suffer as our Master did; and then we may, as he did, commit our cause "to him that judgeth righteously," assured that in due time "he will bring forth our righteousness as the light, and our judgment as the noon-day," Psalm 37:6.

For ye were as sheep going astray - Formerly ye were not in a better moral condition than your oppressors; ye were like stray sheep, in the wilderness of ignorance and sin, till Christ, the true and merciful Shepherd, called you back from your wanderings, by sending you the Gospel of his grace.
Bishop of your souls - Unless we consider the word bishop as a corruption of the word επισκοπος episcopos, and that this literally signifies an overseer, an inspector, or one that has the oversight, it can convey to us no meaning of the original. Jesus Christ is the Overseer of souls; he has them continually under his eye; he knows their wants, wishes, dangers, etc., and provides for them. As their shepherd, he leads them to the best pastures, defends them from their enemies, and guides them by his eye. Jesus is the good Shepherd that laid down his life for his sheep. All human souls are inexpressibly dear to him, as they are the purchase of his blood. He is still supreme Bishop or Overseer in his Church. He alone is Episcopus episcoporum, "the Bishop of bishops;" a title which the Romish pontiffs have blasphemously usurped. But this is not the only attribute of Jesus on which they have laid sacrilegious hands. And besides this, with force and with cruelty have they ruled the sheep: but the Lord is breaking the staff of their pride, and delivering the nations from the bondage of their corruption. Lord, let thy kingdom come!

For ye were as sheep going astray,.... This is a proof of their being healed, namely, their conversion; in which an application of the blood of Christ, and pardon, and so healing by it, was made to their souls. The apostle has still in view the prophecy of Isaiah 53:6. God's elect are sheep before conversion; not that they have the agreeable properties of sheep, as to be meek, harmless, innocent, clean, and profitable, for they are the reverse of all this; nor can some things be said of them before conversion, as may be after, as that they hear Christ's voice, and follow him; nor are they so called, because unprejudiced against, and predisposed unto the Gospel, for the contrary is true of them; but they are so in electing grace, and were so considered in the Father's gift of them to Christ, and when made his care and charge, and hence they are called the sheep of his hand; and when Christ laid down his life, and rose again, which he did for the sheep, and as the great Shepherd of them; and when called by grace, for their being sheep, and Christ's own sheep by the Father's gift, and his own purpose, is the reason why he looks them up, calls them by name, and returns them: but then they are not yet of his fold; they are lost sheep, lost in Adam, and by his fall, and by their own actual transgressions; they are as sheep going astray from the shepherd, and from the flock, going out of the right way, and in their own ways; and are, like sheep, stupid and insensible of their danger; and as they never return of themselves, until they are sought for, and brought back: hence it follows,
but are now returned; not returned themselves, but were returned by powerful and efficacious grace: saints are passive, and not active in first conversion; they are turned, not by the power of their own free will, but by the power of God's free grace; they are returned under the illuminations and quickenings of the blessed Spirit, and through the efficacious drawings of the Father's love, unto Christ:
unto the Shepherd and Bishop of your souls; by whom Christ is meant, who bears the office of a Shepherd, and fully performs it by feeding his sheep, providing a good fold and pasture for them; by gathering the lambs in his arms, and gently leading those that are with young; by healing their diseases, and preserving them from beasts of prey; hence he is called the good, the great, and chief Shepherd: and he is the "Bishop" or "Overseer" of the souls of his people, though not to the exclusion of their bodies: he has took the oversight of them willingly, and looks well to his flock, inspects into their cases, and often visits them, and never forsakes them; nor will he leave them till they receive the end of their faith, the salvation of their souls; which he has undertook and effected by his obedience, sufferings and death. Philo the Jew (l) observes, that "to be a shepherd is so good a work, that it is not only a title given to kings and wise men, and souls perfectly purified, but to God the governor of all---who, as a Shepherd and King, leads according to justice and law, setting over them his right Logos, "the first begotten Son", who has taken the care of this holy flock, as does the deputy of a great king.
(l) De Agricultura, p. 194, 195.

(Isaiah 53:6.)
For--Assigning their natural need of healing (1-Peter 2:24).
now--Now that the atonement for all has been made, the foundation is laid for individual conversion: so "ye are returned," or "have become converted to," &c.
Shepherd and Bishop--The designation of the pastors and elders of the Church belongs in its fullest sense to the great Head of the Church, "the good Shepherd." As the "bishop" oversees (as the Greek term means), so "the eyes of the Lord are over the righteous" (1-Peter 3:12). He gives us His spirit and feeds and guides us by His word. "Shepherd," Hebrew, "Parnas," is often applied to kings, and enters into the composition of names, as "Pharnabazus."

The bishop - The kind observer, inspector, or overseer of your souls.