"And you smile when you dive in, like you're never coming back"
This is important. He is singing of his departing lover's smile as they dive into the water-- but his own paralyzing fear of it.
I personally interpret the song to be about a person who has been broken up with. He's still deeply in love and longing for them to come back. He didn't see the break up coming, he was "the last to know." Now his love is "dislocated" and they are happily diving back into the water to move on. The singer is in agony. He sees his ex-lover's face when he closes his eyes. He wishes for them to hold him. He is grieving, alone, heartbroken, and scared.
The correct lyric is actually:
"And you smile when you dive in, like you're never coming back"
This is important. He is singing of his departing lover's smile as they dive into the water-- but his own paralyzing fear of it.
I personally interpret the song to be about a person who has been broken up with. He's still deeply in love and longing for them to come back. He didn't see the break up coming, he was "the last to know." Now his love is "dislocated" and they are happily diving back into the water to move on. The singer is in agony. He sees his ex-lover's face when he closes his eyes. He wishes for them to hold him. He is grieving, alone, heartbroken, and scared.