It is the sacrifice. It has been denied that the Paschal lamb was, in the true sense of the word, a sacrifice (Carpzov and others). But this passage alone is decisive on the question, and proves that it was.
Moreover, it was offered in the holy place (Deuteronomy 16:5, Deuteronomy 16:6 ); the blood of it was sprinkled upon the altar, and the fat was burnt (2 Chronicles 30:16; 2 Chronicles 35:11). Compare also Exodus 23:18; Numbers 9:7; Deuteronomy 16:2.
The people bowed the head and worshipped. Rather, "and made obeisance." Compare Exodus 4:31. By "the people" seems to be meant "the elders of the people." (See Exodus 4:21.