Does This Mean Polytheism?

"Doesn't saying that there are many Elohim mean polytheism? Short answer: no."
Polytheism is not the claim that other spiritual beings exist. It is the claim that there are multiple deities of comparable standing, each with its own domain and its own claim on worship. Scripture has no such thing. The other elohim are creatures, ranked beneath Yahweh, judged by him, and in Psalm 82 sentenced by him.
The framing is that the spiritual realm "has rank and hierarchy: Yahweh is the Most High." A hierarchy with an uncreated Creator at the top and creatures below him is not a pantheon.
Paul handles it the same way. He grants the language - there may be so-called gods, many gods and many lords - and then closes it: yet for us there is one God, the Father, and one Lord, Jesus Christ.
Scripture links:
- Isaiah 45:5-6 - "I am the LORD, and there is no other."
- Psalm 95:3 - "a great King above all gods."
- 1 Corinthians 8:5-6 - "yet for us there is one God, the Father."
- Psalm 82:6-7 - "you are gods... nevertheless, like men you shall die."
Acknowledging the category is not conceding the contest.