I Know You Know Lyrics

Lyric discussion by EnduringChill 

Cover art for I Know You Know lyrics by Chris Thile

This is actually a Punch Brothers song- it was released as a bonus track on their first album, and as a result it took me a while to even discover its existence.

All I came to say is- am I right in assuming that the "giant out at second" and "damn yankee, can't toss it to first" are baseball references?

Other than that, I have no idea what these lyrics mean.