You can't go back
We all understand the pull of nostalgia. Quite often, our college years are the most enjoyable times of our lives. It's very tempting, but ultimately impossible, to "go back" to how things were back then. It becomes evident as soon as you revisit the college campus, even if it's only 6 months later - you've moved on, and many folks who knew you back then are likely gone too.
So, the key phrases in the lyrics come right at the end: "Gonna pick up where she thinks she put it down / She's moving back to that college scene / without me." The narrator's ex is looking to get back to her old ways, even working at the town bar (probably where she used to work as well), but she wants to do it all without the narrator's irritating ways. Most likely she found him a bore, as the placid feel of the song suggests, and she wants to get back to that college craziness that comes from being in close quarters with a bunch of late teens/early twenty-somethings. She might even get into mischief again, as evidenced by the "elevator racing" (who actually does that?!).
Understandably, the narrator feels sad about this, even unnerved. This was probably a big blow-up of a break-up. He almost wants a "participation award" for sticking it out with her that long. --MisterMe (talk) 15:13, 7 January 2016 (EST)