Lyric discussion by BrainDamage 

Two explanations Cassanova

1 The more believable explanation is that Billy Shears is just the persona that Ringo took for the mock band called Sgt. Pepper's Lonely Hearts Club Band.

2 This is the explanation used by Paul Is Dead believers. The supposed name of the Paul-lookalike that took Paul's place after his "death" was William (Billy) Campbell. What the Paul Is Dead believers believed that Billy Shears is a play on the phrase "Billy's Here", meaning that William Campbell is here now and taking the place of Paul.

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