1At Sāvatthī. "Bhikkhus, those ascetics and brahmins who regard anything as self in various ways all regard as self the five aggregates subject to clinging, or a certain one among them. What five?

"Here, bhikkhus, the uninstructed worldling, who is not a seer of the noble ones and is unskilled and undisciplined in their Dhamma, who is not a seer of superior persons and is unskilled and undisciplined in their Dhamma, regards form as self, or self as possessing form, or form as in self, or self as in form. He regards feeling as self … perception as self … volitional formations as self … consciousness as self, or self as possessing consciousness, or consciousness as in self, or self as in consciousness.

2"Thus this way of regarding things and the notion ‘I am’ have not vanished in him. [n.61] I read with Be and Se: asmi ti c’ assa avigataṁ hoti. Ee, and many mss, read adhigataṁ for avigataṁ. That the latter reading must be correct is proved by AN III 292,16–17, where the affirmative occurs, asmi ti kho me vigataṁ. This same argument applies to the reading at SN22.89 below (III 128,34 foll.), despite the prevalence of adhigataṁ there.
Spk explains "this way of regarding things" as regarding with views (diṭṭhisamanupassanā), and "the notion ‘I am’" as the "triple proliferation" (papañcattaya) of craving, conceit, and views. The two differ in that "regarding" is a conceptually formulated view, the notion "I am" a subtler manifestation of ignorance expressive of desire and conceit; see the important discussion at SN22.89. The view of self is eliminated by the path of stream-entry; the notion "I am" is fully eradicated only by the path of arahantship. As ‘I am’ has not vanished, there takes place a descent of the five faculties—of the eye faculty, the ear faculty, the nose faculty, the tongue faculty, the body faculty. [n.62] I take this terse sentence to be describing the rebirth process contingent upon the persistence of the delusion of personal selfhood. Elsewhere "descent" (avakkanti)—of consciousness, or of name-and-form—indicates the commencement of a new existence (as at SN12.39, 58, 59). Spk: When there is this group of defilements, there is the production of the five faculties conditioned by defilements and kamma. There is, bhikkhus, the mind, there are mental phenomena, there is the element of ignorance. When the uninstructed worldling is contacted by a feeling born of ignorance-contact, ‘I am’ occurs to him; ‘I am this’ occurs to him; ‘I will be’ and ‘I will not be,’ and ‘I will consist of form’ and ‘I will be formless,’ and ‘I will be percipient’ and ‘I will be nonpercipient’ and ‘I will be neither percipient nor nonpercipient’—these occur to him. [n.63] I interpret this whole passage as a demonstration of how the new kammically active phase of existence commences through the renewal of conceiving in terms of the notion "I am" and speculative views of selfhood. Spk identifies "mind" (mano) with the kamma-mind (kammamano) and "mental phenomena" (dhammā) with its objects, or the former as the bhavaṅga and adverting consciousness. Ignorance-contact (avijjāsamphassa) is the contact associated with ignorance (avijjāsampayuttaphassa).
Ignorance is the most fundamental condition underlying this process, and when this is activated by feeling it gives rise to the notion "I am" (a manifestation of craving and conceit). The idea "I am this" arises subsequently, when the vacuous "I" is given a content by being identified with one or another of the five aggregates. Finally, full eternalist and annihilationist views originate when the imagined self is held either to survive death or to undergo destruction at death. This passage thus presents us with an alternative version of dependent origination, where the "way of regarding things" and the notion "I am" belong to the causally active side of the past existence; the five faculties to the resultant side of the present existence; and the recurrence of the notion "I am" to the causal side of the present existence. This will in turn generate renewed existence in the future. sn.iii.47

3"The five faculties remain right there, bhikkhus, but in regard to them the instructed noble disciple abandons ignorance and arouses true knowledge. With the fading away of ignorance and the arising of true knowledge, ‘I am’ does not occur to him; ‘I am this’ does not occur to him; ‘I will be’ and ‘I will not be,’ and ‘I will consist of form’ and ‘I will be formless,’ and ‘I will be percipient’ and ‘I will be nonpercipient’ and ‘I will be neither percipient nor nonpercipient’—these do not occur to him."

1Sāvatthinidānaṁ. "Ye hi keci, bhikkhave, samaṇā vā brāhmaṇā vā anekavihitaṁ attānaṁ samanupassamānā samanupassanti, sabbete pañcupādānakkhandhe samanupassanti, etesaṁ vā aññataraṁ. Katame pañca?

Idha, bhikkhave, assutavā puthujjano ariyānaṁ adassāvī ariyadhammassa akovido ariyadhamme avinīto, sappurisānaṁ adassāvī sappurisadhammassa akovido sappurisadhamme avinīto rūpaṁ attato samanupassati, rūpavantaṁ vā attānaṁ; attani vā rūpaṁ, rūpasmiṁ vā attānaṁ. vedanāṁ … saññaṁ … saṅkhāre … viññāṇaṁ attato samanupassati, viññāṇavantaṁ vā attānaṁ; attani vā viññāṇaṁ, viññāṇasmiṁ vā attānaṁ.

2Iti ayañceva samanupassanā ‘asmī’ti cassa avigataṁ hoti. ‘Asmī’ti kho pana, bhikkhave, avigate pañcannaṁ indriyānaṁ avakkanti hoti – cakkhundriyassa sotindriyassa ghānindriyassa jivhindriyassa kāyindriyassa. Atthi, bhikkhave, mano, atthi dhammā, atthi avijjādhātu. Avijjāsamphassajena, bhikkhave, vedayitena phuṭṭhassa assutavato puthujjanassa ‘asmī’tipissa hoti; ‘ayamahamasmī’tipissa hoti; ‘bhavissan’tipissa hoti; ‘Na bhavissan’tipissa hoti; ‘rūpī bhavissan’tipissa hoti; ‘arūpī bhavissan’tipissa hoti; ‘saññī bhavissan’tipissa hoti; ‘asaññī bhavissan’tipissa hoti; ‘nevasaññīnāsaññī bhavissan’tipissa hoti.

3Tiṭṭhanteva kho, bhikkhave, tattheva pañcindriyāni. Athettha sutavato ariyasāvakassa avijjā pahīyati, vijjā uppajjati. Tassa avijjāvirāgā vijjuppādā ‘asmī’tipissa na hoti; ‘ayamahamasmī’tipissa na hoti; ‘bhavissan’ti … ‘Na bhavissan’ti … rūpī … arūpī … saññī … asaññī … ‘nevasaññīnāsaññī bhavissan’tipissa na hotī"ti.

Pañcamaṁ.