1. The elders (5:1-5). Peter’s theme in the epistle, I think, is two-fold: a) suffering, and b) manner of life. With these two things before the Christian, the role of the elders is very important to the teaching that needs to be done. To shepherd the flock is to feed the flock. The kind of feeding that needs to be done is for each of us to drink from the water of life.
2. The adversary (5:6-9). The elders play a most important role and, consequently, they must be sure to feed with the purity of that which comes from the Chief Shepherd. This importance plays out all the more because Satan is seeking to devour; he is a being that never is satisfied with what he just devoured. If we were to quantify his size – since he devours so much – we would have to say he is a big as the world (2 Corinthians 4:4).
3. Conclusion (5:10-14). Through it all the God of all grace is our strength.