The year indeed is Pragâpati, and there are two paths thereof, the Southern and the Northern. Now those who here believe in sacrifices and pious gifts as work done, gain the moon only as their (future) world, and return again. Therefore the Rishis who desire offspring, go to the South, and that path of the Fathers is matter (rayi).

In plain words: The year is like Prajapati and has two paths, southern and northern. People who rely only on rituals and good deeds for a reward go by the southern path, the path of the ancestors, to the moon, and then are born again. That path belongs to matter.