the name Bhagavan suits Him eminently.

ऐश्वर्यं शङ्करादीश्वर विनियमनं विश्वतेजोहराणां
तेजः सम्हारि वीर्यं विमलमपि यशो निस्पृहैश्चोपगीतं।
अङ्गसङ्गा सदा श्रीरखिलविदसि न क्वापि ते सङ्गवार्ता
तद्वातागारवासिन् मुरहर भगवच्छब्दमुख्याश्रयोसि॥१०॥
श्रीमन्नारायणीयं दशकं  १
aiśvaryaṁ śaṅkarādīśvara viniyamanaṁ viśvatejoharāṇāṁ
tejaḥ samhāri vīryaṁ vimalamapi yaśo nispṛhaiścopagītaṁ|
aṅgasaṅgā sadā śrīrakhilavidasi na kvāpi te saṅgavārtā
tadvātāgāravāsin murahara bhagavacchabdamukhyāśrayosi||10||
śrīmannārāyaṇīyaṁ daśakaṁ  1

Oh Lord of the abode of Wind, Guruvaayurappa, the slayer of the demon Mura,   you are the greatest source of all that is exalted ( bhagavaan),    and the name bhagavaan suits you the most because, (1) the godliness of all the  gods right from Shankara is dependent on you and subservient to you,
(2)  Your valour and splendour supercede the greatest sources of energy like the sun and the fire, but you remain without any attachment to anything..you being the suddhasattwa,  and your fame is unblemished and stands above all others put together and even the sages who have no attachment to anything in the universe would praise you
 (3) The goddess of wealth, Lakshmi is so much in love with you that she will never take leave of  your exalted body and still  but nobody would ever say that you are attached to any type of wealth.

It is said that  Aiswaryasya samagrasya veeryasya yasasah shriyah, jnaanavijnaanayoschaiva shannaam bhaga itiiranaa... meaning  that bhaga  is the bundle of  the six qualities, godliness, valour,  blemishless fame, immense wealth,  knowledge and  detachment, 
Guruvayurappan is beyond comparison in possession of such great qualities..therefore the name Bhagavan suits Him eminently.

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।श्रीकृष्णो रक्षतु।
|śrīkṛṣṇo rakṣatu|
Have a nice and happy day
with profound respect and warm regards
K V Ananthanarayanan
blog   http://kanfusion.blogspot.com/
त्यजन्तु बान्धवाः सर्वे निन्दन्तु गुरवो जनाःI
तदापि परमानन्दो गोविन्दो मम जीवनंII
let all my relatives abandon me, let the great people insult me, still I am in supreme bliss since my life  is GOVINDA alone.
Iकृष्णात् परं किमपि तत्वं अहं न जाने"I
लोकाः समस्ताः सुखिनो भवन्तु।
lokāḥ samastāḥ sukhino bhavantu|