Lyric discussion by becks81 

I agree way back with femmesofrussia. Smith is talking about letting someone go because he was afraid of being hurt. ("It's always been wait and see, a happy day and then you pay, and feel like shit the morning after.") So he called things off before they got too serious. Now that she's gone, he realized he made a big mistake, because now that he's out of the situation, he thinks that with this girl, it could've been different. ("But now i feel changed around and instead falling down, i'm standing up the morning after.") Now the ball is in her court. ("I'm damaged bad at best, she'll decide what she wants.") He hopes that she'll say yes.

An error occured.