Translation: “The ram of the miluim” — that it completes everything; this teaches that the miluim are complete for Aaron and his sons. “They are miluim for a pleasing aroma” — this teaches that the miluim are called a pleasing aroma.
In Sifra (Mekhilta de-Miluim): The name “miluim” is expounded as completion / filling of the hands of the kohanim; the offering itself is called a rei’ach nicho’ach.