The blessing Jacob receives is in having his name changed.

Then he said: he refers to Jacob’s opponent and may need to be translated as a noun to avoid confusion. See Good News Translation.

Your name shall no more be called Jacob, but Israel: this may need to be rendered, for example, “They will no longer call you Jacob; they will now call you Israel.” The reason for giving Jacob a new name follows. Note, however, that Good News Translation has placed the explanation before the name Israel. Some translators may find this arrangement helpful and more natural. And some may also find it appropriate to contrast the two names by saying, for example, “your new name will be Israel,” or “because of that, God is giving you a different name. People will call your name Israel.”

Note that both Revised Standard Version and Good News Translation have footnotes to explain the meaning of the name Israel.

For you have striven with God: this sentence explains why Jacob’s name is to be changed to Israel. In the Hebrew you have striven (struggled) is sarita, and the first part of this Hebrew verb is linked in sound to Isra in “Isra-el.” God is ʾelohim and the ʾel forms the second part of “Isra-el.” Striven (struggled) does not translate the word for “wrestled” used in verse 24. Here the word is more general and means to “contend,” “struggle,” “contest with.”

And with men: men does not mean male human beings but rather “people,” “human beings.” Anchor Bible translates “You have striven with beings, divine and human.” Revised English Bible has revised New English Bible‘s “men” to “mortals”; and New Revised Standard Version has changed Revised Standard Version “men” to “humans” and gives a footnote that is equivalent to Anchor Bible‘s text.

And have prevailed: prevailed translates the same verb used by Rachel when she gave birth to her child Naphtali. See 30.8. It means to be the victor or winner in a contest. Jacob has struggled with Esau and with Laban, and has just wrestled successfully with a divine being. In some languages to win a physical contest is expressed as “you were the stronger” or “your strength surpassed my strength.”

Quoted with permission from Reyburn, William D. and Fry, Euan McG. A Handbook on Genesis. (UBS Helps for Translators). New York: UBS, 1997. For this and other handbooks for translators see here .