What this is saying, this is the general rule summing up the previous Mishnah. If anybody slaughters an animal as a korban (offering), catches the blood, walks the blood to the Mizbeach (altar), or throws the blood with an intention to eat something that's meant to be eaten, that means he's thinking about the parts of the animal that are supposed to be eaten by him or by somebody else, or about burning on the Mizbeach something that's meant to be burnt. What that's saying is also that the intentions he has about burning must be about the parts of the korban that are meant to be burnt.
We say if his intention was to eat it or burn it outside of its place—the proper spot where it's supposed to be eaten or burned—the korban is considered invalid, but there's no penalty of karet (excision) if he does eat it. Having wrong intentions about place does not bring on karet. But if the intention was to eat it or burn it outside of the proper time that the Torah gives him for eating this korban, it's considered to be pigul (disqualified offering), and a person is liable to karet for eating it, provided that the blood is offered as required without becoming invalidated. If the korban becomes invalid for some other reason, then the law of pigul doesn't take effect, doesn't kick in on the meat, because we say that it was invalid already. So, if the blood was invalid already, pigul doesn't play in, and the animal is simply invalid and there is no karet. The next Mishnah will elaborate on how this all takes effect.