Lyric discussion by bushybeardabe 

Cover art for The Bag lyrics by NOFX

This song IMO is ftom the prespective of a guy who is tired of the same old routine every day. The same people to hang out with, talking or bitching about the same things every day. "Give me something i can sink my teeth into" is his yearning for something new or a change. The last verse is summing up that his/her group of friends is so used to their group comfortability that has been for so long (possibly childhood friends grown up). They're holding onto the past never realizing theyre clinging to the "empty bag". Empty bag being the friendship that has grown stale due to lack of ambition or something new to keep meaning, it still goes because its always been.

My Interpretation