Lyric discussion by Coffee and TV 

Cover art for Off the Record lyrics by My Morning Jacket

A reference to the media, perhaps? Suppose they're taking his words and playing with them?

Although they're not a very big band, so its likely the newspapers wouldn't sell if he said anything controversial. The last half of the song kind of eludes to recordings being played with to have you believe that you're hearing something when you're actually not, like a "Paul is dead" sort of thing.