They are sampling rate and bit depth for the video dacs. The Luminance (Y) part of the signal is 13.5 Mhz for NTSC video, so according to the Nyquist theorem we need to sample it at at least twice that frequency. The bare minimum is therefore 27 MHz.
The 54 MHz, 8 bit version is likely an older player (it would be 4x oversampling). Most better players use at least 108 MHz/10 bit.