To me this song is about how the person took the chance that was given to them, but they just weren't good enough & got rejected. (I should have known better, I should have known by now). But even though the person got rejected, he/she feels better knowing that they did all they can (And I feel so free, yeah I feel all right). They know that they cant go back to living the way they were before, thinking all of those 'what if's'.
To me this song is about how the person took the chance that was given to them, but they just weren't good enough & got rejected. (I should have known better, I should have known by now). But even though the person got rejected, he/she feels better knowing that they did all they can (And I feel so free, yeah I feel all right). They know that they cant go back to living the way they were before, thinking all of those 'what if's'.