Charles Ellicott Commentary 1 Corinthians 8:5

"For though there be that are called gods, whether in heaven or on earth; as there are gods many, and lords many;" — 1 Corinthians 8:5 (ASV)

For though there be. . . .—This is a hypothetical argument. 'Be' is the emphatic word of the supposition. Even assuming that those beings that are called 'gods' exist (we have a right to make such a supposition, for Deuteronomy 10:17 and Psalms 105:2-3 speak of 'gods and lords' of another kind), the difference between the heathen 'gods many' and the 'lords and gods' of whom the Old Testament speaks, is that the former are deities, while the latter is only a casual way of speaking of angels and other spiritual subjects and servants of the one God. This is brought out in the following verse.