It's about high school, that much should be obvious. The line "you traded in your high school ring, to get away from the pom pom boys and the jockstrap girls" is referring to how (in the 60s I believe) in high schools when a couple was "engaged" they would give each other "high school rings," or somesuch thing. Also, the girls would sometimes wear their boyfriend's jacket alot of the time, hence the pom pom boys/jockstrap girls. Any fool knows it's normally jockstrap boys/pom pom girls.
It's about high school, that much should be obvious. The line "you traded in your high school ring, to get away from the pom pom boys and the jockstrap girls" is referring to how (in the 60s I believe) in high schools when a couple was "engaged" they would give each other "high school rings," or somesuch thing. Also, the girls would sometimes wear their boyfriend's jacket alot of the time, hence the pom pom boys/jockstrap girls. Any fool knows it's normally jockstrap boys/pom pom girls.