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Ali and his old aged fame, yeah he's washed up, he's fuckin' tame
The writer of the song is tired of seeing Muhammad Ali on TV just because he was a famous boxer, he thinks that since it was so long ago he shouldn't be famous anymore, saying that he's washed up and old, so people should get over the fact that he was famous once. This contributes to the whole song's feeling of frustration against all sports in general, but this specific lyric targets boxing, and, in particular, Muhammad Ali, a boxer who won the heavyweight championship in 1964.