To me, this song is written from the point of view of a boy who is in a platonic friendship with a girl but wants to be her boyfriend, but she's seeing someone else. Here's my analysis supporting this theory: "Am I more than you bargained for yet?" - Asking her if she is overwhelmed by his feelings. "I've been dying to tell you anything you want to hear, 'Cuz that's just who I am this week" - Indicates he is willing to pretend he is not romantically interested in her to keep the friendship going - at least for now. "Lie in the grass, next to the mausoleum" - Probably referring to the random silly things they've done together as friends. "I'm just a notch in your bedpost, but you're just a line in a song" - This is a prediction of what might happen if they start dating and things go wrong (i.e., their friendship will disappear, and all that will be left will be bitter memories). "Drop a heart, break a name" - Refers to his feelings about her slowly destroying him by seeing another man. "We're always sleeping in, and we're sleeping for the wrong team" - He is "sleeping in" by waiting too long to tell her his feelings; she is "sleeping for the wrong team" by seeing another man. "We're going down, down in an earlier round" - He is failing faster than he thought he would. "And sugar, we're going down swinging" - To "go down swinging" means to keep fighting for something even though you know failure is imminent; therefore, he will keep trying to win her over even though he knows she doesn't feel the same way for him as he does for her. "I'll be your number one with a bullet" - An example of an extravagant promise he makes to her in an attempt to get her to love him. "A loaded God complex"- Here he seems to be doing a "sour grapes" type thing, telling himself she is stuck up (has a "God complex") and he wouldn't want her anyway. "Cock it and pull it" - Referring again to his feelings of death without her. "Is this more than you bargained for yet?" - Asking again if his feelings are more than she can bear. "Oh, don't mind me, I'm watching you two from the closet, wishing to be the friction in your jeans" - Asking her to not treat him any differently because of his newly revealed feelings, since he will only "watch" and think about her (wish to "be the friction in" her "jeans") not act on his feelings; another interpretation could be that the word "closet" indicates he has not yet opened up about his feelings to her. "Isn't it messed up, how I'm just dying to be him?" - Sounds as though he's lighteheartedly joking with her about his feelings, as if she knows and accepts them. "Take aim at myself, take back what you said" - Asking her to take back her frustration towards him if he admits it was weird to feel that way about her.
To me, this song is written from the point of view of a boy who is in a platonic friendship with a girl but wants to be her boyfriend, but she's seeing someone else. Here's my analysis supporting this theory: "Am I more than you bargained for yet?" - Asking her if she is overwhelmed by his feelings. "I've been dying to tell you anything you want to hear, 'Cuz that's just who I am this week" - Indicates he is willing to pretend he is not romantically interested in her to keep the friendship going - at least for now. "Lie in the grass, next to the mausoleum" - Probably referring to the random silly things they've done together as friends. "I'm just a notch in your bedpost, but you're just a line in a song" - This is a prediction of what might happen if they start dating and things go wrong (i.e., their friendship will disappear, and all that will be left will be bitter memories). "Drop a heart, break a name" - Refers to his feelings about her slowly destroying him by seeing another man. "We're always sleeping in, and we're sleeping for the wrong team" - He is "sleeping in" by waiting too long to tell her his feelings; she is "sleeping for the wrong team" by seeing another man. "We're going down, down in an earlier round" - He is failing faster than he thought he would. "And sugar, we're going down swinging" - To "go down swinging" means to keep fighting for something even though you know failure is imminent; therefore, he will keep trying to win her over even though he knows she doesn't feel the same way for him as he does for her. "I'll be your number one with a bullet" - An example of an extravagant promise he makes to her in an attempt to get her to love him. "A loaded God complex"- Here he seems to be doing a "sour grapes" type thing, telling himself she is stuck up (has a "God complex") and he wouldn't want her anyway. "Cock it and pull it" - Referring again to his feelings of death without her. "Is this more than you bargained for yet?" - Asking again if his feelings are more than she can bear. "Oh, don't mind me, I'm watching you two from the closet, wishing to be the friction in your jeans" - Asking her to not treat him any differently because of his newly revealed feelings, since he will only "watch" and think about her (wish to "be the friction in" her "jeans") not act on his feelings; another interpretation could be that the word "closet" indicates he has not yet opened up about his feelings to her. "Isn't it messed up, how I'm just dying to be him?" - Sounds as though he's lighteheartedly joking with her about his feelings, as if she knows and accepts them. "Take aim at myself, take back what you said" - Asking her to take back her frustration towards him if he admits it was weird to feel that way about her.