Try this:
mystring="192.168.1.1,UPDOWN,Line protocol on Interface GigabitEthernet1/0/13, changed state to up"
IFS=',' read -a myarray <<< "$mystring"
echo "IP: ${myarray[0]}"
echo "STATUS: ${myarray[3]}"
In this script ${myarray[0]}
refers to the first field in the comma-separated string, ${myarray[1]}
refers to the second field in the comma-separated string, etc.