What I believe the song is about is:
Two lovers who have fallen out of love and they know it. This is made clear through the first verse, "You've loved all you can and now you're all loved out."
In the second verse, "Ooh, ooh, baby, you've been so good to me. But please don't make it what it's not," suggests that the partner feels the same yet is trying to hold on to whatever love they did have, "Careful now, don't get caught in your dreams".
Finally, in the third verse, both parties accept that they no longer love each other and part ways, "'Cause I hear you singing to the tune I'm playing. And now that it's said and we both understand. Let's say our goodbye's before it gets out of hand so Bye, bye, baby..." The singing of the tune being a metaphor for something that they're both thinking (That the love is gone).
Now for chorus, I'm not entirely sure but it sure is catchy.
Perhaps it's a play on words to describe how rocky the relationship had become/ was becoming? Considering that Wham and bam are onomatopoeias that are associated with impact.
What I believe the song is about is: Two lovers who have fallen out of love and they know it. This is made clear through the first verse, "You've loved all you can and now you're all loved out." In the second verse, "Ooh, ooh, baby, you've been so good to me. But please don't make it what it's not," suggests that the partner feels the same yet is trying to hold on to whatever love they did have, "Careful now, don't get caught in your dreams". Finally, in the third verse, both parties accept that they no longer love each other and part ways, "'Cause I hear you singing to the tune I'm playing. And now that it's said and we both understand. Let's say our goodbye's before it gets out of hand so Bye, bye, baby..." The singing of the tune being a metaphor for something that they're both thinking (That the love is gone). Now for chorus, I'm not entirely sure but it sure is catchy. Perhaps it's a play on words to describe how rocky the relationship had become/ was becoming? Considering that Wham and bam are onomatopoeias that are associated with impact.
[Edit: Wanted to add extra thoughts.]