Lyric discussion by Birdshead 

However convoluted and cryptic you were hoping these lyrics to be, I'm pretty sure this dog collar was meant to be worn by a dog.

"What do they know about love" if he's talking about a dog is a comparison between romantic love--which can be fleeting and/or hard to come by--with the love between a dog and its human.

I assume something went wrong or got complicated in the area of romantic love, and the narrator went to discuss the matter with his dog--but the narrator might just be reminiscing about a dog that had since passed.

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